Short seller Fuzzy Panda accuses T1 Energy of violating FEOC rules to claim 45X tax credits; whistleblower documents $65M in Chinese cell purchases. Stock down 47% from high.
The solar manufacturer T1 Energy is pushing ahead with one of the most ambitious domestic supply-chain build-outs in the United States, but its core claim — that its modules are American-made and thus eligible for lucrative federal tax credits — faces a serious assault from a short seller and a whistleblower. Fuzzy Panda Research has issued a series of reports accusing the company of violating the Foreign Entity of Concern (FEOC) rules that govern the 45X advanced manufacturing tax credit. The firm alleges that T1 Energy transferred intellectual property to a Singapore-based entity called Evervolt to appear compliant while maintaining hidden ties to Chinese solar giant Trina Solar.
A whistleblower has reportedly provided 26 invoices documenting more than $65 million in purchases of Chinese solar cells during the same period when T1 Energy executives publicly stated that sourcing from Trina had ceased. According to Fuzzy Panda, those purchases meant that 99% of the company's first-quarter revenue came from its relationship with Trina. The short seller calculates T1 Energy's Material Assistance Cost Ratio at just 19% — far below the 50% threshold required by FEOC rules. If the accusations hold, the company would be forced to reverse $41.4 million in 45X tax credits booked in the first...
"Saw people on Facebook, including doctors, warning that statins cause dementia. Then I googled it and found an NIH-listed study that says the opposite. It's so difficult to know what to do with o...