NEW YORK, May 20, 2026, 10:01 (EDT)
- T1 Energy shares gained about 17%, last trading around $8.06 in New York.
- Situational Awareness LP reported a fresh 10 million-share stake in T1 in its 13F filing, data showed.
- T1’s tax-credit status and China supply chain ties are under the microscope again after a new short-seller report.
T1 Energy shares rallied roughly 17% at the open in New York on Wednesday. The move stretched a volatile streak, as the market took in news of a hedge fund buying in while a short seller targets the solar maker’s tax-credit claims. The shares were last at $8.06, according to Google Finance.
T1 is looking to show investors it can win in the U.S. solar supply chain as Washington steps up scrutiny of foreign ties in clean-energy manufacturing. The company needs to ramp up its Dallas module plant and get funding for G2_Austin, a solar-cell site in Texas where initial production is slated for the fourth quarter.
T1 shares jumped Monday after Situational Awareness LP revealed a new stake. In a 13F filing for the March quarter, the investment firm was listed as the filer. Last10K data from that filing showed it held 10 million T1 shares worth around $43.9 million.
T1 shares came under pressure Tuesday after short-seller Fuzzy Panda Research said it was betting against the stock and accused the company of not following Foreign Entity of Concern (FEOC) rules. The firm said T1’s links to foreign ownership, debt, technology, or control could threaten its access to federal clean-energy tax credits.
T1’s move to transfer intellectual property to Singapore-based Evervolt hasn’t put to rest concerns over China links to Trina Solar, Fuzzy Panda said, adding that it calls T1’s eligibility for U.S. tax credits into question. According to Investing.com, the short seller also criticized how T1 handled $41.4 million in first-quarter tax credits and said G2_Austin was behind schedule.
T1 is not leaning just on a rising stock price. In its first-quarter update last week, the company said G2_Austin is on track, with concrete work starting in April and first steel expected before the end of May. Production guidance for G1_Dallas stays at 3.1 to 4.2 gigawatts for 2026. A gigawatt, used here to size yearly solar module or cell production, measures power capacity.
T1 Chairman and CEO Dan Barcelo said the company is working to “hit key construction milestones” and wants to lock in bigger financing for G2_Austin. T1 said its April convertible-note deal raised about $174.7 million in net proceeds, leaving roughly $225 million needed to finish Phase 1 funding. T1 Energy Inc.
First-quarter results offered bulls some ammo. T1 put up total net sales of $177.6 million, up from $53.5 million last year, with net income from continuing operations at $3.9 million—turning around from a loss in the same period. The company still recorded a $21.4 million net loss attributable to common shareholders.
Filing data from T1 spells out why the fight matters. T1 said 45X tax credits will be a big part of its funding. It’s counting on getting about 7 cents a watt for U.S.-made solar modules sold to outside buyers.
T1 has pushed back on the FEOC issue before. In December, the company said deals with Trina Solar and others were to keep 45X credit eligibility for 2026. T1 reported Trina transferred some intellectual property to Evervolt. After checking, T1 said it believed Evervolt wasn’t a FEOC. At the time, Barcelo said T1 wanted a “traceable and reliable” domestic supply chain for its modules. T1 Energy Inc.
Analyst coverage is still backing the bull case. Roth MKM’s Philip Shen kept his Buy rating and $10 target on Wednesday, according to TipRanks. Alliance Global Partners’ Jake Sekelsky and Needham’s Sean Milligan had Buy ratings too this month.
The risks for T1 aren’t minor. In its most recent 10-Q, the company listed outstanding issues with customs bills, tariff refunds, FEOC, tax credits, internal controls and some legal matters. T1 also reported DOJ subpoenas, an SEC document request tied to stock sales by an executive and board member, and ongoing patent litigation with First Solar, among others. Here, First Solar is more than just a competitor. It’s also one of T1’s legal challengers.
Wednesday’s rally now looks like a shift in risk pricing instead of a clear call. T1 picked up a big institutional holder, has big plans in U.S. manufacturing, and fresh analyst support. But a short seller is still focused on one question investors watch: can the credits that anchor the economics last?
