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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.
TOYO Co., (Nasdaq: TOYO), a solar solution company, will ring the closing bell at the Nasdaq MarketSite in Times Square, New York on Thursday, August 22, 2024. This ceremony commemorates TOYO's recent Nasdaq listing and symbolizes the company's achievements and commitment to growth. Chairman & CEO Junsei Ryu highlighted TOYO's dedication to addressing environmental and energy challenges.
As part of its expansion plans, TOYO will begin constructing its first U.S. factory later this year, with the goal of delivering locally produced solar panels across the United States by mid-next year. The company emphasizes its 'Made in America for America' concept, demonstrating its commitment to the U.S. market.
TOYO Co., (NASDAQ: TOYO), a solar solution company, has announced it will report its unaudited first half 2024 financial results on August 21, 2024. The company will host a conference call at 9:30 AM ET to discuss the results. Investors can access the live webcast through the provided link. The earnings release and investor deck will be available on TOYO's investor relations website prior to the event. For those unable to attend the live call, a webcast replay will be accessible on the company's website following the conference call.
TOYO Co., , a solar solution company, has completed its business combination with Blue World Acquisition , leading to its debut on Nasdaq under the ticker 'TOYO' on July 2, 2024. The business combination merges Vietnam Sunergy Cell Company, a subsidiary of TOYO, with Blue World. The deal was approved by Blue World's shareholders on May 28, 2024, and all closing conditions have been met. As a result, TOYO's ordinary shares will trade on Nasdaq, while its warrants will trade on OTC Markets. This strategic move aims to enhance TOYO's global reach, especially in the U.S. market, by leveraging the Nasdaq listing to strengthen its brand and access broader capital. The merger was supported by Cooley LLP, Robinson & Cole LLP, and Beyond Capital as advisors.
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