May 15 (GLOBE NEWSWIRE) -- T1 Energy announced that it has signed a non-binding Letter of Intent in Riyadh with Manaar Gulf Saudi Arabia Ltd. to invest in the G2_Austin solar cell plant in Austin, Texas, with a target capacity of 5 GW. Under the agreement, the 5 GW capacity G2_Austin project is an important part of T1 Energy's U.S. manufacturing footprint. Austin project is an important manufacturing layout for T1 Energy in the United States. Daniel Barcelo, CEO of the company, said that the U.S. needs to establish a local solar energy supply chain, and T1 will strive to become an industry leader by relying on the existing G1_Dallas plant in Dallas and future projects. This partnership is key to accessing strategic capital and boosting U.S. manufacturing and jobs, and both companies will also explore complementary investments in the Saudi solar industry.
Representatives of the two sides signed the agreement in Riyadh on May 13 local time, in a ceremony hosted by the Saudi Ministry of Investment (MISA) to commemorate the “America First” program and Saudi Arabia's commitment to investing in key energy projects in the U.S., and to promote GCC investment in the U.S. Barcelo said the agreement is a strategic capital introduction to support U.S. advanced Barcelo said the agreement is a milestone in bringing in strategic capital to support the U.S. advanced manufacturing sector, which will accelerate T1's goal of becoming “an industry leader based on local resources and cutting-edge technology.
Formerly known as FREYR Battery, a Norwegian lithium battery company, T1 Energy Inc. completed a strategic transition in the fourth quarter of 2024 and early 2025, changing its name to T1 Energy, moving its headquarters from Georgia to Austin, Texas, and shifting its focus to photovoltaic and energy storage systems with the goal of becoming a vertically integrated energy solutions provider in the U.S. In December 2024, the company became one of the leading solar manufacturers in the U.S. through a transformational transaction. December 2024, the Company completes a transformational transaction to become one of the leading solar manufacturers in the U.S. The Company now has operating and planned capacity across solar cells, modules and energy storage systems, with plans to expand throughout the U.S. and optimize the value of its European assets.
Source：https://mp.weixin.qq.com/s/KBO2pS8Uj9k2R7yu9Tqq3A