T1 Energy Norway Project Gets Approval, Shares Rise Over 7% Thursday

T1 Energy Inc. shares rose Thursday morning after reports that Norwegian local government officials in Mo i Rana approved a rezoning permit for part of the company's Giga Arctic campus.

T1 Energy shares are climbing sharply. Why is TE stock up today?

Mo i Rana Approval Paves Way for Up to 396 MW Data Center Expansion

According to a company announcement released Thursday, the municipal council approved the rezoning of 161,000 square feet of the 926,000-square-foot facility for industrial or data center operations.

The regulatory approval enables T1 Energy to move forward with plans to convert the legacy site into a data center, part of its broader strategy to optimize the value of its asset portfolio.

T1 Energy expects a 50 MW data center could be operational by 2027, with potential to scale up to 396 MW based on the company's position in the local grid connection queue. The site holds a 50-year lease and is located in an established industrial park with direct access to low-cost regional hydroelectric power.

Management Commentary Highlights Counterparty Discussions

In Wednesday's press release, Chairman and CEO Dan Barcelo emphasized the company is actively seeking partners to commercialize the brownfield project:

"The people of Mo i Rana took a step into the future today, demonstrating leadership in an AI- and technology-driven future, by approving T1 Energy's plan to transform Giga Arctic into a world-class data center. We are actively engaged in discussions with multiple counterparties to unlock value for shareholders."

TE Stock Performance Thursday

TE shares were up 7.32% at $4.83 as of the time of writing Thursday.