T1 is pursuing multiple pathways to monetize this brownfield facility as part of a value optimization initiative. T1 expects that a 50 MW data center could be operational in 2027, with a pathway to expansion. T1 has a position in the grid capacity queue for a total of 396 MW. T1 believes the existing 926,000-square-foot, state-of-the-art Giga Arctic building is large enough to house a data center of that size.

"The people of Mo i Rana, Norway, today took a step towards the future and showed leadership in a future of AI and technology abundance with the approval of a T1 Energy’s plan to convert Giga Arctic into a world-class data center. We are in active discussions with multiple counterparties to find a strategy to unlock shareholder value," said Dan Barcelo, T1 Energy’s Chairman and CEO.

On Thursday, August 27, a committee of the Mo i Rana municipal government approved a permit allowing 161,000 square feet of the Giga Arctic campus to be rezoned for either industrial use or data center operations. The rest of the building remains zoned for industrial development, but could be changed by government vote in the future when additional grid capacity is allocated. T1 holds a 50-year lease, with options for extension, on the Giga Arctic site, which is located within an industrial park in northern Norway. The location benefits from local community support for the data center project, strong human capital in technology and industry, and access to some of Europe's lowest-cost electricity, supplied primarily by the region's abundant hydropower resources.

T1 is engaged in conversations with multiple parties to explore options and potential structures.