Solar Morning Spotlight (5/12): T1 Cells on Track, Ford BESS, FEOC Overhang in Panels

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Solar Morning Spotlight (5/12): T1 Cells on Track, Ford BESS, FEOC Overhang in Panels

Equity Research

Industry Update — May 12, 2026

Clean Energy

Solar Morning Spotlight (5/12): T1 Cells on

Track, Ford BESS, FEOC Overhang in Panels

Our Call Praneeth Satish

T1 Energy (TE, not covered) cell mfg facility remains on track for initial production in 2027 Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

and full 5 GW/yr output in 2028+. Also, Ford (F, covered by Langan) officially opens BESS

Michael Blumbusiness. FEOC is an overhang on resi solar panel mkt.

Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

T1 Cell Facility Remains on Track. TE reported Q1'26 earnings this AM. Their G2 cell Ned Baramov, CFA

mfg facility in Austin remains on track to produce ~2 GW of cells in 2027 and 5 GW in Equity Analyst | Wells Fargo Securities, LLC

2028+. If fully completed, TE would become top 3 cell mfg in US (excl FSLR). The G1 Ned.Baramov@wellsfargo.com | 212-214-8021

module mfg facility in Dallas produced 683 MW of modules in Q1'26 & produced at 3.4 Eric Shiu

GW annualized rate in Apr '26. T1 previously conducted moves to reduce FEOC exposure Associate Equity Analyst | Wells Fargo Securities, LLC

& signed agreement to use some NXT steel frames. Eric.Shiu@wellsfargo.com | 212-214-5038

Jack Farrell, CFA

Ford Flips Switch on BESS Business. Ford formally launched BESS business with 20 Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

GWh/yr deployment target and first customer deliveries planned for late 2027. The main

product is the Ford Energy DC Block: 5.45 MWh inside a 20 ft container made in KY. Ford