T1 Energy (TE) stock jumped as much as 9.3% in early Thursday trading after the company announced a key regulatory win in Norway.
A committee of the Mo i Rana municipal government approved a permit allowing 161,000 square feet of the company’s Giga Arctic campus to be rezoned for industrial use or data center operations.
The stock was trading up around 7.87%, or $0.355, to $4.865 as of Thursday morning.
$TE GETS NORWAY DATA CENTER REZONING APPROVAL
T1 Energy received approval to convert part of its Giga Arctic facility in Norway for data center use.
Expects an initial 50 MW data center could be operational in 2027 & holds a position in the grid queue for up to 396 MW.
T1 says… pic.twitter.com/IZg63WxxEw
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The Giga Arctic building totals 926,000 square feet. The remainder of the building stays zoned for industrial development for now, though that could change by government vote when additional grid capacity becomes available.
T1 Energy said it expects a 50 MW data center could be operational at the site by 2027. The company also sees a pathway to expand beyond that initial capacity.
T1 holds a position in the grid capacity queue for a total of 396 MW at Giga Arctic, giving it room to scale if demand materializes.
The site sits within an industrial park in northern Norway and draws electricity primarily from the region’s hydropower resources, which provides a renewable energy advantage for data center operations.
T1 Energy holds a 50-year lease on the Giga Arctic site, with options for extension.
Chairman and CEO Dan Barcelo said the approval marks a step toward unlocking value from the asset. “We are in active discussions with multiple counterparties to find a strategy to unlock shareholder value,” he said in a statement.
The company said it is pursuing multiple pathways to monetize the facility and has held conversations with various parties about potential structures for the site.
T1 Energy describes itself as an energy solutions provider building an integrated U.S. solar supply chain. In December 2024, it completed a transaction that placed it in solar manufacturing, with operations in the U.S. and assets in Europe.
The Giga Arctic building is large enough, according to the company, to house a data center at the 50 MW scale without additional construction.
The remaining portions of the campus are not yet cleared for data center use but could be rezoned in future votes as grid capacity is allocated.
T1 Energy said discussions with potential partners around the facility structure are ongoing as of Thursday.
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