T1 Energy (TE) said Tuesday it has acquired foundational solar patents and other intellectual property from Singapore-based Evervolt Green Energy for a total consideration of $135 million.

Under the terms of the deal, T1 Energy said it paid $2 million in cash to secure the right to acquire the IP and other assets, with the remaining $133 million payable in four installments.

T1 Energy said the first installment of $60 million is due within three business days of closing on Tuesday and would be paid in T1 shares. Subsequent installments are payable in cash or T1 Energy shares or a combination thereof, with the last installment due on Oct. 30, the company added.

Shares of the company were down more than 19% in Tuesday trading.

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