T1 Energy climbs after Norway approves data center development at Giga Arctic site
TE•Norway approves rezoning at Giga Arctic campus
Shares of U.S. solar company T1 Energy TE.N rose 8.9% to $4.9 premarket after the company said local officials in Mo i Rana, Norway, approved rezoning part of its Giga Arctic campus for development of a data center.
The company said it holds a position in the grid-capacity queue for up to 396 MW of power and is in discussions with multiple parties to explore options to monetize the Giga Arctic facility.
T1 Energy said a 50-MW data center could be operational in 2027.
As of the last close, the stock was down 32.5% year to date.
