08:31 AM EDT, 10/24/2025 (MT Newswires) -- T1 Energy ( TE ) said Friday it plans to begin building the 2.1 gigawatt first phase of its G2_Austin solar cell facility in Rockdale, Texas, before year-end.

To fund the first phase, T1 expects $72 million from a registered direct offering and $50 million from a convertible preferred offering, with the equity closing on or about Friday and the preferred shortly after, and the remainder from debt and customer offtake deposits, the company said.

Proceeds will cover a "meaningful" share of the first phase's $400 million to $425 million capital spending, T1 said.

Contractor and vendor selection is complete, and detailed engineering is underway, positioning the project for a Q4 start, the company added.

Shares of the company were up more than 2% in Friday premarket activity.