Solar solution company TOYO has secured a solar cells supply contract, valued at $150m, with a leading solar module manufacturer.
The contract is expected to support the manufacturer’s solar module production expansion in India and the US.
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TOYO plans to utilise its manufacturing capabilities and technologies across its facilities in Vietnam and Ethiopia to deliver the premium solar cells, which are designed to enhance the efficiency and performance of solar modules.
The contract will yield substantial benefits, such as increased production capacity and a fortified market position for TOYO.
It also underscores the company’s dedication to promoting sustainable energy and supporting the global shift towards renewable resources.
TOYO chairman and CEO Junsei Ryu stated: “We are excited to partner with a highly respected player in the solar industry. This contract marks a major milestone for positioning TOYO as a key supplier in the solar energy market.
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By GlobalData“Our advanced solar cells are designed to deliver superior efficiency and performance, helping our customer meet their sustainability goals and drive the adoption of solar energy worldwide.”
In November 2024, TOYO announced the acquisition of Solar Plus Technology Texas through its subsidiary TOYO Solar.
Solar Plus Technology Texas owns a 567,140ft² facility in the Houston metropolitan area, Texas, at which the first 1GW production will commence in mid-2025.
The acquisition is part of the company’s plans to establish its manufacturing presence in the US with 2.5GW of initial capacity.
TOYO also revealed plans to build a 2GW solar cell manufacturing plant in Hawassa, Ethiopia.
The facility will be constructed with a $60m investment, sourced from internal funds and pre-payments.
The proposed solar cell plant will be built on a 31,500m² site.
The location was chosen for Ethiopia’s favourable investment policies, tariff exemptions and hydropower resources.
