TOYO Co., Ltd to Acquire Solar Module Manufacturing Facility in Texas
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 Co., (Nasdaq: TOYO) ha annunciato l'acquisizione di Solar Plus Technology Texas tramite la sua sussidiaria TOYO Solar. L'accordo comprende una struttura di 567.140 piedi quadrati a Houston, Texas, destinata alla produzione di moduli solari. Inizialmente, la struttura avrà una capacità di 2,5 GW, che si espanderà a 6,5 GW entro il 2029. La produzione inizierà con 1 GW entro metà 2025, raggiungendo i 2,5 GW entro la fine dell'anno. TOYO Holdings, che possiede il 75,01% di TOYO Solar, contribuirà con 19,96 milioni di dollari per la costruzione della Fase 1. Questa espansione completa le operazioni esistenti di TOYO in Vietnam ed Etiopia, mirando a soddisfare la domanda statunitense di pannelli solari prodotti negli Stati Uniti.
TOYO Co., (Nasdaq: TOYO) ha anunciado la adquisición de Solar Plus Technology Texas a través de su subsidiaria TOYO Solar. El acuerdo incluye una instalación de 567,140 pies cuadrados en Houston, Texas, destinada a la fabricación de módulos solares. La instalación inicialmente tendrá una capacidad de 2.5 GW, que se expandirá a 6.5 GW para 2029. La producción comenzará con 1 GW a mediados de 2025, alcanzando los 2.5 GW a finales de año. TOYO Holdings, que posee el 75.01% de TOYO Solar, contribuirá con 19.96 millones de dólares para la construcción de la Fase 1. Esta expansión complementa las operaciones existentes de TOYO en Vietnam y Etiopía, con el objetivo de satisfacer la demanda estadounidense de paneles solares fabricados en Estados Unidos.
TOYO Co., (Nasdaq: TOYO)는 자회사 TOYO Solar를 통해 Solar Plus Technology Texas의 인수를 발표했습니다. 이번 거래에는 텍사스 휴스턴에 567,140 제곱피트 규모의 태양광 모듈 제조 시설이 포함됩니다. 이 시설은 처음에 2.5 GW의 용량을 수용할 예정이며, 2029년까지 6.5 GW로 확장될 것입니다. 생산은 2025년 중반까지 1 GW로 시작하여 연말까지 2.5 GW에 도달할 것입니다. TOYO Holdings는 TOYO Solar의 75.01%를 소유하고 있으며, 1단계 건설을 위해 1,996만 달러를 기여할 것입니다. 이번 확장은 TOYO의 베트남 및 에티오피아에서의 기존 운영을 보완하며, 미국에서 제조된 태양광 패널에 대한 수요를 만족시키기 위한 것입니다.
TOYO Co., (Nasdaq: TOYO) a annoncé l'acquisition de Solar Plus Technology Texas par l'intermédiaire de sa filiale TOYO Solar. L'accord comprend une installation de 567 140 pieds carrés à Houston, Texas, prévue pour la fabrication de modules solaires. L'installation accueillera initialement une capacité de 2,5 GW, qui sera portée à 6,5 GW d'ici 2029. La production débutera avec 1 GW d'ici mi-2025, atteignant 2,5 GW d'ici la fin de l'année. TOYO Holdings, détenant 75,01 % de TOYO Solar, contribuera à hauteur de 19,96 millions de dollars pour la construction de la Phase 1. Cette expansion complète les opérations existantes de TOYO au Vietnam et en Éthiopie, visant à répondre à la demande américaine pour des panneaux solaires fabriqués aux États-Unis.
TOYO Co., (Nasdaq: TOYO) hat die Übernahme von Solar Plus Technology Texas durch seine Tochtergesellschaft TOYO Solar bekanntgegeben. Der Deal umfasst eine 567.140 Quadratfuß große Anlage in Houston, Texas, die für die Herstellung von Solarmodulen geplant ist. Die Anlage wird zunächst eine Kapazität von 2,5 GW haben, die bis 2029 auf 6,5 GW erweitert werden soll. Die Produktion beginnt Mitte 2025 mit 1 GW und soll bis Ende des Jahres 2,5 GW erreichen. TOYO Holdings, die 75,01 % von TOYO Solar besitzt, wird 19,96 Millionen Dollar für den Bau der Phase 1 beisteuern. Diese Expansion ergänzt die bestehenden Aktivitäten von TOYO in Vietnam und Äthiopien und zielt darauf ab, die Nachfrage in den USA nach in den USA hergestellten Solarmodulen zu decken.
- Acquisition of 567,140 sq ft manufacturing facility enabling 2.5 GW initial capacity
- Planned expansion to 6.5 GW capacity by 2029
- Strategic entry into U.S. market addressing local content requirements
- $19.96 million secured for Phase 1 construction
- Significant capital expenditure required for facility development
- Production won't commence until mid-2025
- Operational costs and risks associated with new market entry
Insights
The acquisition of Solar Plus represents a significant strategic expansion with 2.5 GW initial capacity scaling to 6.5 GW by 2029. The 567,140 sq ft Houston facility positions TOYO advantageously in the growing U.S. solar market. The
The phased production timeline, starting with 1 GW by mid-2025 and reaching 2.5 GW by year-end, aligns with market demand patterns. This U.S. presence complements existing operations in Vietnam and Ethiopia, creating a robust global supply chain. The facility's location in Texas offers logistical advantages for serving U.S. customers and meeting domestic content requirements.
This strategic move capitalizes on three key market drivers: growing demand for U.S.-made solar panels, federal incentives for domestic manufacturing and increasing grid infrastructure needs. The acquisition provides TOYO with significant competitive advantages through local production capabilities and Bloomberg NEF Tier 1 manufacturer status via Vietnam Sunergy connection.
The timing is particularly advantageous given the current policy environment supporting domestic solar manufacturing. The planned capacity expansion demonstrates confidence in sustained market growth and positions TOYO to capture increased market share in the rapidly expanding U.S. solar sector.
- Move to accelerate TOYO's plans for "made-in-America" modules with 2.5 gigawatts initial capacity
Key Highlights
- Facility details: The newly leased facility spans 567,140 square feet which we plan to accommodate 2.5 GW of solar module manufacturing capacity and further expand it to 6.5 GW by 2029. The factory construction of Phase 1 of the facility has been completed, and a portion of the required equipment will arrive by early 2025.
- Production timeline: The facility's first 1 GW production is expected to commence by mid-2025. Production capacity is expected to be increased to 2.5 GW by the end of 2025, in anticipation of a strong order pipeline from
U.S. customers. - Strategic Impact: This acquisition aligns with TOYO's mission to expand its footprint in the
U.S. to be closer to the majority of its clients, meet the demand for American-made solar panels, and contribute to the growing demand for secure, sustainable energy solutions as demands on the grid continue to rise.
"This acquisition marks a significant step in TOYO's strategy to establish a manufacturing footprint in the
As a result of this acquisition, TOYO Solar LLC acquires
"By acquiring Solar Plus, we will accelerate our development and leverage our team's proven manufacturing excellence, as well as the extensively established customer relationships and the brand of our sister company, Vietnam Sunergy, a Tier 1 Bloomberg NEF solar manufacturer," noted Mr. Ryu. "We are confident that our expansion in the
About TOYO Co., Ltd.
TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO, TOYO's construction plan of manufactures, future subsidies available under the Inflation Reduction Act, and strategies for building up an integrated value chain in the
These statements involve risks, uncertainties, and other factors that may cause actual results, activity levels, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" of the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of TOYO as of any date subsequent to the date of this press release. Except as required by law, TOYO does not undertake any duty to update these forward-looking statements.
Contact Information:
For TOYO Co., Ltd.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185
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SOURCE TOYO Co., Ltd
FAQ
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