- Move to accelerate TOYO's plans for "made-in-America"
modules with 2.5 gigawatts initial capacity
HOUSTON and TOKYO, Nov. 25,
2024 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO)
("TOYO" or the "Company"), a solar solution company, today
announced it has agreed to acquire 100% of membership interests in
Solar Plus Technology Texas LLC("Solar Plus") located in
Houston metropolitan area,
Texas, via its subsidiary TOYO
Solar LLC.
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 U.S., complementing our
current manufacturing presence in Vietnam and Ethiopia," said Mr. Junsei Ryu, Chairman and CEO of TOYO. "Our
strategy is to supply end customers with solar solutions that are
technologically advanced, highly reliable, and cost competitive. We
are committed to building a robust global solar supply chain
structure that efficiently and competitively serves the U.S. market
and other regions, adapting to a dynamic policy environment."
As a result of this acquisition, TOYO Solar LLC acquires 100% of
membership interests in Solar Plus. TOYO Holdings LLC, a 100% owned
subsidiary of TOYO, holds 75.01% of membership interests in TOYO
Solar LLC and will make a capital contribution in the total amount
of $19.96
million to TOYO Solar LLC,
which is expected to be contributed to the Phase 1 construction of
the manufacturing site of Solar Plus.
"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 U.S. will effectively deliver a comprehensive solar
technology solution, addressing bottlenecks for developers, meeting
local content requirements for U.S. solar projects, and enhancing
TOYO's competitive advantage."
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 U.S.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of TOYO's management and are not predictions of actual
performance.
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
