- Trina Controls Month End Closing of T1’s Financials
- Trina Controls Logistics, Production and IT Systems
- T1’s Oracle ERP System Says it’s TUM’s – Trina US Manufacturing
- Trina Has Direct Access to T1’s Books
- Trina Even Controls the Amazon Account T1 Uses
- Effective Control by Trina = No US Tax Credits for T1 = No Profits
Note – The T1 Energy whistleblowers have provided this information to the SEC in advance of publication.
Note to other Whistleblowers, former T1 Energy employees, or people with more knowledge about T1 Energy’s suspicious import-export records. You can reach out to us by emailing at [email protected]. We will protect your anonymity.
Additional Disclosure – Members of the Fuzzy Panda Research Team are short securities of T1 Energy (TE). The short positions we hold in T1 Energy are the same ones we held after verifying the whistleblowers statements and documents to be real at which time Fuzzy Panda Research placed T1 Energy on our internal restricted trading list. We did not share the information outside our core team and ceased communication about T1 Energy with those parties that are normally described as the Fuzzy Panda “Affiliates” – some of which we have a financial interest in their profits. As a result, we currently have no idea if the Fuzzy Panda “Affiliates” are currently short, long, or neutral securities of T1 Energy. We apologize to them for ducking their calls, texts, and emails about T1 Energy in recent weeks. We hope you didn’t make the mistake of betting against Panda. Additionally, we have no intention of providing updates about any future positions we may have in securities of T1 Energy (TE), nor disclosing when a company has been removed from our restricted list. Please see additional disclosures at the end of report and in our terms of service.
“[T1 Energy] really is like a shell company for Trina. And they’re getting tax credits from our government, you know and they shouldn’t be” ~T1 Energy Whistleblower
In Part 1 of our T1 Energy Whistleblower Series – The Solar Cell Invoices – We exposed images provided to us by the whistleblower of the T1’s actual solar invoices from Q1-2026. The whistleblower said all of the solar cells are being purchased from Trina Solar! The invoices confirmed the whistleblower’s statements. This laid bare T1’s management’s allegedly false statements about their solar cells are coming from 4 non-Trina related FEOC compliant vendors. What is management’s incentive to hide their solar cells source? Because cells coming from Trina is clearly a major FEOC violation.
Introducing Part 2 – Trina’s Control of T1 Energy – “A Shell Co for Trina.”
The whistleblower told us about all the secret ways that Trina Solar controls T1 Energy and provided us with documents that confirm it. They explained to us that from their perspective T1 Energy is basically a “Shell company” for Trina Solar. The whistleblower told us about all the various ways they have seen Trina Solar continue to exercise pervasive operational control over T1 Energy.
The US Department of War added Trina Solar to a list of Chinese Military Companies Operating in the US just 3 days ago.
The whistleblower informed us about all the ways that Trina Solar controls T1 Energy’s:
- Data – Trina Controls T1’s Oracle ERP System
- T1’s Internal Systems show T1’s Oracle system is controlled by Trina
- “Our Oracle software is a mirror of Trina. We have to reach out to Trina because it’s essentially their books. Trina even controls the users. The users are controlled by Trina Solar. Our IT can’t even do it. [T1’s IT] can’t add new users.” ~T1 Whistleblower
- Financials – Trina Controls T1’s Financials Statements
- Whistleblower informed us that Trina controls the closing of the internal month end books.
- Internal emails confirm Trina involved in month end closing of financials.
- Trina has access to the books and records.
- Production – Trina dictates all warehouse operations — receiving, shipping, work orders
- “Trina tells G1 what was shipped and what they need to receive” ~T1 Whistleblower
- “Trina is the ones that says, hey we need you to receive this product and [the factory] won’t do it until Trina tells them it’s ok” ~T1 Whistleblower
- Output – Whistleblower told us that Trina controls the number of solar panels T1 makes each month
- Small Details – Trina even controls T1 Energy’s Amazon Prime account for G1.
Tripping just 1 of the FEOC ‘effective control’ provisions labels a company a FEOC and T1 Energy trips multiple of the FEOC ‘effective control’ provisions.
We think T1 investors should say goodbye to those US tax credits T1 claimed in Q1. KPMG, it’s time you forced T1 Energy to restate Q1 and reverse $41.4 million of tax credits that we think have been downgraded from unlikely to no FEOC’ing chance.
Fuzzy Panda Research is Short T1 Energy (TE)
Additional Disclosure: For once and only this once we are going to provide additional disclosure into our actual current short positioning for our T1 Energy (TE) Short. Our positions have not changed since we placed T1 Energy on our internal restricted list. Additional details of our short position are available in Part 1 – The Solar Cell Invoices.
Note – We intend to hold the below positions through the publication of all 5 Parts of the Whistleblower Series.
Please see our Terms of Service and disclaimers at the end of the report for additional disclosure.
Trina Embedded in T1 Energy’s Oracle ERP Systems:
The whistleblower told us that T1 Energy’s Oracle ERP system is actually connected to/controlled by Trina Solar. It’s easy to see for yourself. T1 Employees need to access their Oracle ERP system via the url https://erp.tumsolar.com. “TUM” = Trina US Manufacturing.
“The Oracle system literally says, T U M Solar when you log into it. ~T1 Energy Whistleblower”
T1 Energy’s G1 Oracle ERP systems are still on Trina’s Oracle Account. We learned that T1 Energy’s Oracle systems are a mirror of Trina’s Oracle and are integrated into K2 which is a legacy Trina system. The K2 system is completely controlled by Trina.
“They [T1] have not changed anything and our [Oracle] still integrates with K2, which is Trina’s. It’s how they track everything. And Oracle and K2 talk back and forth…Trina is still doing most of the books.” ~T1 Energy Whistleblower
When new T1 employees need access to the Oracle ERP system T1 needs to send a request to China and ask Trina Solar to make a new user.
“Our Oracle license, is a mirror or something of Trina’s, our ERP accounting system, it’s a mirror of [Trina’s]. If anyone ever needs access, when new people start, it has to be done from China. we don’t even have control over it.…our internal IT don’t even control that… They have to go and reach out to China and have them [Trina] set [people] up in our Oracle” ~T1 Energy Whistleblower
Trina Controls T1 Energy’s Financials – The Books & Records
The whistleblower informed us that Trina still not only has access to T1 Energy’s financials, and that even in June 2026 T1 is incapable of closing the monthly books without Trina. We learned that Trina controls the books. Evidently, internally at T1 closing the monthly financials is viewed by financials team “as a Trina Process.”
Internal emails were provided by the whistleblower that show that T1 Energy financial professionals are not able to close T1’s month end books until Trina employees approve general ledger items. T1 is reliant on Trina to handle their financials
March 2026 Email: T1 Energy Asst Controller Asking Trina Solar Employees to Complete General Ledger Entries for Month End Closing of Books
The below email shows T1 Energy’s Assistant Controller, Mimi Herrera, asking Trina Solar employees to complete general ledger entries so they can close T1 Energy’s monthly books. These requests took place on March 4, 2026 for the January month end closing.
“[T1 Management] was talking about they want a seven day close. And [name redacted] said, there’s no way because the work orders take five days to close. And [T1 Management] said, why? And [name redacted] said, because the Chinese do it. No one that closes the work orders does it. They’re all Trina. They don’t speak English. And it’s a Trina process, so we can’t even close until they finish the work orders.” ~T1 Energy Whistleblower
Trina Solar having access to T1’s internal financials and their books and records is not FEOC compliant. The OBBBA is clear that no PFE is allowed to have internal access to systems like your financials or your Oracle ERP systems after January 1, 2026 for FEOC compliance.
Even worse, Trina is allowed to make and adjust general ledger entries and T1 is reliant on them for basic tasks like month-end closing.
Another March 2026 Email: Trina Solar Employee Emailing T1 Energy Financial Team About Closing January Cost Modules Balances
“when you’re closing the books at the month end, before you can run cost, you have to have your work orders closed. Well, it takes Trina five days to close them, and, you know, it should be shorter than that. But they [Trina] control that completely, and they won’t show anyone else how to do it” ~T1 Energy Whistleblower
The whistleblower provided us another email showing Trina’s control of T1 Energy’s financials. This email appears to show a Trina Solar employee contacting T1 Energy employees about Trina’s review of the trial balance — a report listing every general ledger account and balance — and noting that the Construction in Progress account required certain adjustments. It is a back-and-forth email between Trina and T1 Energy to close the month end books.
Whistleblower Says Trina Controls G1’s Warehouse Operations
The whistleblower explained to us how Trina dictates all warehouse operations at G1.
The told us at the G1 warehouses, Trina is in charge of:
- Receiving
- Shipping
- Work orders
- Production output
They said that T1 warehouse staff won’t act until Trina instructs them, even with boxes of material just sitting there ready to be received. And T1 doesn’t pushback to make sure they don’t upset Trina, according to the whistleblower.
“They’re [Trina] the ones that say hey, we need you to receive this product…they’ll have a box sitting next to them but won’t receive it until Trina says receive that box now” ~T1 Energy Whistleblower
FPR Q: “Who decides how many solar panels T1 Energy needs to make each month?”
A: “Trina” ~T1 Energy Whistleblower
Trina Apparently Controls T1 Energy’s Logistics Too:
“China’s tracking our logistics. Like they’re the ones that decide our logistics vendors that are international… [T1 Energy] is just a Trina shell company. They run our logistics.” ~T1 Energy Whistleblower
Trina Solar Even Controls T1 Energy’s Amazon Account! Is Trina Solar, T1’s Daddy?
The whistleblower explained to us that the Amazon account T1 Energy uses for their G1 Solar Module plant is even controlled and owned by Trina Solar. Trina Solar employees are the admins for T1’s Amazon Prime Account. The whistleblower told us the reason why T1’s using Trina’s Amazon account is “because our credit is so bad…with Amazon our credit is so bad we use Trina’s, Trina has a half million-dollar credit line.”
That is the type of stuff that a college kid does with their parents Amazon account. Is Trina T1’s Amazon Prime Daddy?
“Our [T1’s] Amazon account that we use is under Trina…it is Trina’s account, and we use it as a credit line” ~T1 Energy Whistleblower
Is No IP Transfer Occurring? – Trina Invoices Also Show $0 Paid for Knowledge Transfer
We reviewed both the November and December Module Operational Support service fees owed to Trina Solar. They clearly show how T1 pays Trina for services such as operations, maintenance, logistics, and procurement. They also showed $0 paid to Trina for training services indicating no knowledge transfer is taking place – clearly corroborating the whistleblower’s statements.
“Going back to production, that’s the biggest problem they’re [T1] still having is that the Trina employees that are here on the visa are running the production, they’re ordering the materials, they’re doing all that with Trina, and not including a lot of us in it. [Trina] have to be here to run the production. And without them, there wouldn’t be operations because no one would know what to do” ~T1 Energy Whistleblower
“the only people that know how to do those systems and processes are Trina employees” ~T1 Energy Whistleblower
The whistleblower statements and the documentation they provided show that Trina Solar “effectively controls” T1 Energy. Based on this, we believe T1 is a foreign-influenced entity and is disqualified from receiving US tax credits. As a reminder, Without the tax credits, T1’s EBITDA margins go massively negative.
No Tax Credits = No T1 Profits.
Trina ‘Effectively Controls’ T1 Energy – T1 is FEOC’ed
You now have the documents, the emails, and even the Amazon account records to see that T1 is effectively controlled by Trina Solar.
The whistleblower told us that Trina won’t let go of control, and T1’s management does not seem eager to take control either.
“Trina won’t relinquish control, but no one is going to make them. No one is pushing back. There is no sense of urgency on T1’s part.” ~T1 Energy Whistleblower
Note on Responses to Part 1 – The Solar Invoices:
Yesterday, some people took to twitter to make up asinine theories after seeing the T1’s solar cell invoices. They made claims like “maybe all the solar cell invoices coming from Trina Solar is actually good thing” because “Trina’s just helping T1 find FEOC compliant solar cells.” We are not sure what is worse about idiotic comments like those, the fact that some people can’t see the truth when it’s dropped in your lap, or that their bull thesis actually just described how Trina would be controlling “component sourcing” for T1 Energy. Guess what? Controlling component sourcing is another type of “effective control.” Even in those made-up theories, T1 is FEOC’ed. We can’t wait to hear what you make up to justify Trina’s control of T1 today.
Regarding Part 3 – “Cooking the Books” – The Accounting Shenanigans
FYI we are on vacation tomorrow (Friday) and have no intentions of skipping it for T1. We hope you enjoy watching Elon’s rocket ships go off in the meantime.
Don’t worry though, we are still just getting started. When Panda’s decide to FEOC something, we are going to FEOC it long and hard.
Fuzzy Panda Research is Short T1 Energy (TE)
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