08:03 AM EDT, 05/15/2025 (MT Newswires) -- T1 Energy ( TE ) said Thursday it signed a preliminary agreement to explore investment in its planned G2_Austin 5-gigawatt solar cell plant.

The non-binding agreement was signed May 13 in Riyadh at an event hosted by the Saudi Ministry of Investment, the company said.

T1 said the agreement aims to secure strategic funding for its domestic solar manufacturing efforts, which include the existing G1_Dallas facility and the upcoming G2_Austin project.

Shares of the company were down more than 13% in recent Thursday premarket activity.