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TOYO Co., (Nasdaq: TOYO) announces that its subsidiary, Toyo Solar Company , has obtained both TÜV SÜD and CSA certifications for its photovoltaic (PV) modules. The TÜV SÜD certification validates TOYO's adherence to safety, quality, and performance standards, while the CSA certification enables access to North American markets.
The certifications come as TOYO prepares for a 2.5 GW solar module expansion in the U.S., where the company is pursuing certification requirements as a contract manufacturer. Chairman and CEO Junsei Ryu emphasized that these achievements reinforce their position as a trusted provider in the renewable energy sector.
TOYO Co., has secured a $150 million contract to supply high-efficiency solar cells to a leading solar module manufacturer. The agreement involves delivering solar cells from TOYO's manufacturing facilities in Vietnam and Ethiopia to support the customer's module production in India and the U.S. According to CEO Junsei Ryu, this contract represents a significant milestone in positioning TOYO as a key supplier in the solar energy market. The deal is expected to increase production capacity and strengthen the company's market position.
TOYO Co, a solar solution company listed on Nasdaq (TOYO), has announced its participation in two major Clean Energy conferences in New York City this December. The company's leadership, including Chairman and CEO Junsei Ryu and President Simon Shi, will engage with institutional investors through one-on-one meetings.
President Simon Shi will participate in a Fireside Chat at the Jefferies Renewables & Clean Energy Conference on December 4th, followed by a panel discussion on 'Solar Panels: Made in America' at the BofA Securities Clean Energy Symposium on December 5th. The panel will be moderated by Dimple Gosai, Head of US Clean Energy and Sustainability Research.
TOYO Co., (Nasdaq: TOYO) has announced the acquisition of Solar Plus Technology Texas through its subsidiary TOYO Solar The deal includes a 567,140 square feet facility in Houston, Texas, planned for solar module manufacturing. The facility will initially accommodate 2.5 GW capacity, expanding to 6.5 GW by 2029. Production will start with 1 GW by mid-2025, reaching 2.5 GW by year-end. TOYO Holdings , owning 75.01% of TOYO Solar , will contribute $19.96 million for Phase 1 construction. This expansion complements TOYO's existing operations in Vietnam and Ethiopia, aiming to meet U.S. demand for American-made solar panels.
TOYO has updated its 2024 performance outlook and provided preliminary guidance for 2025. For 2024, cell shipments are expected to reach 1.7-1.8 GW, below the previous 1.9 GW target, due to reduced U.S. deliveries amid trade investigations. Net income is projected at $10 million. For 2025, the company forecasts solar cell shipments of 3.5 GW, supported by utility-scale demand and new capacity from its 2 GW Ethiopia facility. Net income is expected to reach $33 million in 2025, driven by operational efficiencies.
TOYO Co., (Nasdaq: TOYO) has announced plans to establish a 2 GW solar cell manufacturing facility in Hawassa, Ethiopia. The project, estimated at $60 million, will be financed through internal resources and pre-payments. Key points include:
- Production expected to start by the end of Q1 2025
- 31,500 m2 facility to be fitted out starting November 2024
- Creation of up to 880 jobs
- Ethiopia's exemption from U.S. tariffs on bifacial solar cells
- Utilization of Ethiopia's green power supply (90% hydropower)
- Strategic move to diversify supply chain and enhance sourcing capabilities
CEO Junsei Ryu emphasized the project's importance in scaling up production to meet the needs of TOYO's planned U.S. module facility and advancing the company's goal of reducing its carbon footprint.
TOYO Co., (Nasdaq: TOYO), a solar solution company, has announced the appointment of Liang "Simon" Shi as President. Shi, with his expertise in strategic investments in renewable energy, will divide his time between the U.S., Vietnam, and other regions where TOYO operates. Chairman and CEO Junsei Ryu praised Shi's contributions to shaping TOYO's corporate strategy and his financial and business development skills.
Shi expressed enthusiasm for leading TOYO's next development phase, highlighting the company's strong reputation for manufacturing excellence through its subsidiary, Vietnam Sunergy Cell Company He aims to enhance investor communications, refine business strategy, and position TOYO as an industry leader. Shi's background includes roles as CEO and Chairman of Blue World Acquisition , Partner at Ningbo Zenin Investments Management Partners LP, and regional President at Barron Partners Fund.
TOYO Co., (Nasdaq: TOYO), a solar solution company, has announced its participation in the Renewable Energy India (REI) Expo 2024. The event will take place from October 3 to 5, 2024, at the India Expo Centre in Greater Noida. This year's expo is expected to attract over 50,000 visitors and 800 exhibitors, showcasing the latest advancements in renewable energy technologies.
TOYO will be located in Hall 12, Booth No. R870. The company's team will be available for discussions on tailored solar solutions, potential collaborations, and insights into the future of solar technology. Interested parties can schedule meetings by contacting marketing@toyo-solar.com.
TOYO Co., (Nasdaq: TOYO), a solar solution company, has announced its participation in the 26th Annual H.C. Wainwright Global Investor Conference from September 9-11, 2024, at the Lotte New York Palace Hotel. The company will deliver a presentation on September 10, 2024, at 3:30 PM ET, which will be available via webcast. Additionally, TOYO's management team will be available for one-on-one meetings with institutional investors on September 10-11, 2024.
Investors interested in scheduling meetings can contact their H.C. Wainwright representative. Further information about the event, including registration details, can be found on the conference website.
TOYO Co., (Nasdaq: TOYO) announced its financial results for the first half of 2024. Key highlights include:
- Revenues of $138.1 million, up from $0 in H1 2023
- Gross Margin of 19.3%
- Net income of $19.6 million, compared to a loss of $1.9 million in H1 2023
- 985 MW shipped
The company began manufacturing in October 2023 and has delivered 1.3 GW of solar cells to customers. TOYO plans to start construction of a 2 GW solar module manufacturing facility in the U.S. in Q4 2024. However, due to U.S. trade investigations, the company has reduced its 2024 shipment forecast from 2.5 GW to over 1.9 GW.
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