TOYO has executed two agreements, worth approximately $185.6m (Y29.8bn), with undisclosed energy developers in the US for the supply of solar modules.
The deals involve the supply of solar modules to commercial and utility-scale projects across the country.
TOYO will provide these high-efficiency modules for installation at multiple project sites in Texas, New York and Maine.
These deployments aim to support the expansion and diversification of clean energy generation in the US market.
According to TOYO, the modules supplied under the contracts will be manufactured using non-Chinese wafer sourcing channels. This approach is intended to reduce potential supply chain disruption linked to geopolitical risks and changes in import tariffs.
Additionally, the manufacturing process will adhere to Foreign Entity of Concern compliance guidelines and other domestic content standards, which are prioritised by US project finance providers and regulatory bodies.
TOYO chairman and CEO Takahiko Onozuka said: “Securing $185.6m in cumulative new orders from two major US renewable energy players is a validation of our operational credibility and commercial strategy.
“Utility-scale buyers are increasingly prioritising transparency, execution track record and strict regulatory compliance.
“As a manufacturer structured from inception to meet rigorous US standards, TOYO is well-positioned to serve as a long-term, assured partner to the domestic solar sector.”
Revenue from the purchase orders will be recognised when product deliveries are completed, following generally accepted accounting principles revenue recognition standards, the company stated.
TOYO describes the transactions as indicative of ongoing demand for its technology, which the company says offers high power output and low degradation rates.
The company also highlights its focus on ensuring supply chain integrity and meeting US compliance requirements for solar manufacturing.
Prior to this, TOYO announced plans to build a 1.5GW heterojunction solar cell production facility in the Houston area of Texas, US.
