T1 Energy (TE) Stock Surges 9% as Norway Says Yes to Data Center Plans
TLDR
- Mo i Rana, Norway officials approved rezoning 161,000 sq ft of T1 Energy’s Giga Arctic campus for data center use
- T1 Energy (TE) stock rose as much as 9.3% in early Thursday trading on the news
- A 50 MW data center could be operational at the site by 2027
- The full Giga Arctic building covers 926,000 sq ft; the rest remains zoned for industrial development
- T1 Energy holds a position in the grid capacity queue for a total of 396 MW at the site
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.
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