Shares of T1 Energy Inc. (NYSE:TE) are trading higher Thursday morning following news that local government officials in Mo i Rana, Norway, approved a rezoning permit for a portion of the company’s Giga Arctic campus.
- T1 Energy shares are climbing with conviction. Why is TE stock up today?
Mo i Rana Approval Paves Way For Up To 396 MW Data Center Expansion
According to a corporate announcement released Thursday, the municipal committee approved rezoning for 161,000 square feet of the 926,000-square-foot facility for either industrial or data center operations.
The regulatory approval allows T1 Energy to move forward with plans to convert the legacy site into a data center as part of its broader portfolio value optimization initiative.
T1 Energy expects a 50 MW data center could become operational in 2027, with a path to scale up to 396 MW based on the company’s position in the local grid capacity queue. The site benefits from a 50-year lease in an established industrial park with direct access to low-cost regional hydropower.
Management Commentary Highlights Counterparty Discussions
In a Wednesday press release, Chairman and Chief Executive Officer Dan Barcelo emphasized that the company is actively seeking partners to commercialize the brownfield site:
"The people of Mo i Rana, Norway, today took a step towards the future and showed leadership in a future of AI and technology abundance with the approval of a T1 Energy’s plan to convert Giga Arctic into a world-class data center. We are in active discussions with multiple counterparties to find a strategy to unlock shareholder value."
TE Shares Rise Thursday Morning
TE Price Action: T1 Energy shares were up 7.32% at $4.83 at the time of publication on Thursday, according to Benzinga Pro data.
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