T1 Energy gains as solar cell facility construction begins

Shares of U.S. solar company T1 Energy TE.N up ~4% to $5.65 premarket

Company starts construction of G2_Austin solar cell facility, an anticipated $400 to $425 million investment in advanced U.S. manufacturing

TE adds that the first stage of the facility is expected to have an annual capacity of 2.1 gigawatt (GW) of high-efficiency TOPCon solar cells, and start producing cells by the end of 2026

The second phase of G2 is expected to be 3.2 GW and could be expanded if demand for cells increases

"G2_Austin is a centerpiece of our strategy to build an integrated U.S. polysilicon solar supply chain," - CEO Dan Barcelo

As of last close, TE up ~111% YTD