T1 Energy provides update on construction of solar cell manufacturing facility

T1 Energy (TE) is moving forward with plans to start construction of the 2.1 GW first phase of its G2_Austin PV solar cell manufacturing facility before year-end 2025. With the expected proceeds from each of the $72M registered direct offering and the $50M convertible preferred announced this week, the Company will soon have a meaningful portion of the capital required to finance the first 2.1 GW phase of the G2_Austin facility, with the remainder expected to be comprised of debt and anticipated customer offtake deposits. The closing of the registered direct offering is expected to occur on or about October 24, subject to the satisfaction of customary closing conditions and the closing of the convertible preferred share issuance is expected shortly thereafter. T1’s G2 facility development team has completed contractor and vendor selection and is progressing with detailed engineering of the customized production line equipment for the G2 first phase. The net proceeds from the transactions announced this week position T1 to accelerate the next stages of development as precursors to the planned start of construction in Q4.