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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.