T1 Energy bets big on AI with Norway data centre despite financial losses
T1 Energy is pushing ahead with a major expansion into AI infrastructure, despite recent financial setbacks. The company has revealed plans for a large-scale data centre in Norway, set to begin operations as early as 2027. At the same time, its U.S. solar division is preparing to launch a new factory in Texas by late 2026.
The German firm, founded in 2018, initially focused on solar projects across Germany, Spain, and Italy. By 2025, it had grown its European market share to 2.8% with 1.2 gigawatts of installed capacity. But competition from larger players like Enel Green Power and Iberdrola limited its growth, prompting a shift in strategy.
In early 2026, T1 Energy turned its attention to Norway, selecting Mo i Rana for its new AI data centre. The site benefits from cheap hydropower and a cold climate, cutting cooling costs for energy-heavy AI workloads. Statnett has already secured 50 megawatts of capacity for the project until 2033, with a decision pending on an extra 60 megawatts.
To fund the expansion, the company sold $160 million in tax credits to a U.S. investor. Pareto Securities has also been brought in to help attract long-term tech partners. Meanwhile, construction of a high-efficiency solar panel factory in Texas is on track, with production expected to start by the end of 2026.
Despite these moves, T1 Energy's stock fell by 2.33% to €6.30 on Wednesday, even after a 15% monthly gain. The company's latest quarterly report showed a larger-than-expected loss of $2.59 per share, missing analyst predictions of a $0.14 loss.
The first phase of the Norway data centre could go live in mid-2027, depending on regulatory approvals. If successful, the project would mark a major shift for T1 Energy, moving beyond solar into AI infrastructure. The outcome of the pending energy allocation will determine the final size of the campus.
