T1 Energy shares continued their upward momentum in premarket trading Wednesday, extending a rally that saw the stock jump 29.3% in the previous session. The gains follow a regulatory filing revealing that Trina Solar (Schweiz) AG, a major shareholder, sold approximately $190 million worth of T1 Energy shares last week.
Shares traded at $11.23 in premarket activity as of 6:00 a.m. ET, representing a 7.5% increase from Tuesday's closing price of $10.45. Tuesday's rally pushed the stock to a 52-week high of $10.80, reflecting renewed investor interest in the solar manufacturer formerly known as FREYR Battery.
The SEC filing, signed May 26, disclosed that Trina Solar (Schweiz) sold 13 million shares on May 21 and an additional 9.5 million shares on May 22. The shares were sold in multiple blocks at weighted average prices ranging from $8.1347 to $9.2011 each. The filing indicated that proceeds from the sale were allocated to working capital purposes. Despite the significant divestment, Trina Solar still holds 30.65 million T1 Energy shares, representing an 11.0% stake in the company based on 279.27 million shares outstanding as of May 8.
The stock's resilience in absorbing the insider sale comes as T1 Energy pushes ahead with its strategy to become a fully integrated U.S.-based solar supply chain player. The company, which operates its G1_Dallas solar module production facility in Wilmer, Texas, is also working to secure financing for its planned G2_Austin solar cell plant. CEO Dan Barcelo emphasized the company's focus on "operating profitably at G1_Dallas" and "funding and building G2_Austin," with a second-quarter financing deal targeted for the Austin facility.
T1 Energy's latest quarterly results provided additional support for bullish investors. The company reported first-quarter total net sales of $177.6 million, a significant increase from $53.5 million in the same period last year. Net income from continuing operations reached $3.9 million, reversing a year-ago loss, while adjusted EBITDA came in at $9.1 million. The company maintained its 2026 production forecast for G1_Dallas at 3.1 to 4.2 gigawatts and noted that customer interest in potential long-term offtake deals has already covered over 100% of expected 2027-2028 capacity.
However, the broader solar market faces headwinds from U.S. policy uncertainty. A Reuters report this month indicated that some installers, banks, and insurers have pulled back from China-linked U.S. solar factories while awaiting clarity on subsidy rules. Sunrun has adopted a cautious sourcing approach, and one developer shifted most of its sourcing to First Solar to avoid China-related risks. T1 Energy also flagged potential impacts from a U.S. Section 232 national security review of foreign polysilicon and derivative imports.
Keith Martin, an attorney at Norton Rose Fulbright specializing in renewable-energy tax deals, told Reuters that uncertainty about subsidies is "holding up financings" for solar and storage projects. This regulatory backdrop adds another layer of complexity for T1 Energy as it seeks to secure funding for G2_Austin and manage supplier and raw-material risks. The company has acknowledged its substantial capital needs and the possibility of raising additional cash, potentially on unfavorable terms.
Solar stocks generally edged higher in premarket trading Wednesday, though gains were more modest compared to T1 Energy. First Solar traded 4.7% higher, while Canadian Solar added 0.3%. The broader market also showed early strength, with the SPDR S&P 500 ETF and Invesco QQQ Trust moving higher. Investors will be watching closely to see if T1 Energy's rally can sustain momentum through the regular NYSE open, given the lingering overhang from Trina Solar's remaining stake and the uncertain policy environment.
