TOYO Co., Ltd acquires solar module plant in Texas

• Accelerate TOYO’s plans to produce “made in America” ​​modules with an initial capacity of 2.5 gigawatts.

HOUSTON And TOKYO, November 25, 2024 /PRNewswire/ — TOYO Co., Ltd (Nasdaq: TOYO) (“TOYO” or the “Company”), a solar energy solutions company, today announced that it has agreed to acquire a 100% ownership interest in Solar Plus Technology Texas LLC (“Solar Plus”), located in the city. Houston metropolis, Texasthrough its subsidiary TOYO Solar LLC.

Key Points

• Object details: The newly leased facility spans 567,140 square feet, where we plan to house 2.5 GW of solar module manufacturing capacity and expand to 6.5 GW by 2029. The construction of the first stage of the facility has been completed, and some of the necessary equipment has been installed. will arrive by early 2025.
• Production time: The first 1 GW capacity generation at the site is expected to begin by mid-2025. Production capacity is expected to be increased to 2.5 GW by the end of 2025 in anticipation of a large number of orders from US customers.
• Strategic Impact: This acquisition is in line with TOYO’s mission to expand its presence in the US to be closer to the majority of its customers, meet the demand for American-made solar panels and contribute to the growing demand for safe, sustainable energy solutions to meet grid demands. continue to grow.

“This acquisition marks a significant step in TOYO’s strategy to establish a manufacturing base in the United States, complementing our current manufacturing presence in the United States. Vietnam And Ethiopia“, said Mr. Junsei RyuChairman and CEO of TOYO. “Our strategy is to provide 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. and other markets while adapting to a dynamic policy environment.”

As a result of this acquisition, TOYO Solar LLC acquires 100% ownership interest in Solar Plus. TOYO Holdings LLC, a wholly owned subsidiary of TOYO, owns a 75.01% interest in TOYO Solar LLC and will make a capital contribution to the total US$190.96 million up TOYO Solar LLC, which is expected to participate in the construction of Phase 1 of the Solar Plus production site.

“By acquiring Solar Plus, we will accelerate our development and leverage our team’s proven manufacturing prowess, as well as the well-established customer relationships and brand of our subsidiary Vietnam Sunergy, Bloomberg NEF’s Tier 1 solar panel manufacturer,” Mr. said. Ryu. “We are confident that our expansion in the US will effectively provide a comprehensive solar technology solution, eliminating bottlenecks for developers, meeting local content requirements for solar projects in the US and enhancing TOYO’s competitive advantage.”

About TOYO Co., Ltd.

TOYO is a solar solutions company that aims to become a full-service solar solutions provider in the global market, integrating upstream wafer and silicon manufacturing, midstream solar cell manufacturing, downstream PV module manufacturing, and potentially other stages of the solar supply chain. TOYO is well positioned to produce high quality solar cells at competitive scale and price.

Forward-LOKStatements

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 can be identified by the use of words such as “estimate”, “plan”, “project”, “forecast”, “intend”, “will”, “expect”, “anticipate”, “believe”, “seek” , “goal” or other similar expressions. that predict or indicate future events or trends or are not statements of historical events. These forward-looking statements include, but are not limited to, statements regarding TOYO’s expected growth, expected supply of TOYO orders, TOYO’s manufacturing construction plan, future subsidies available under the Inflation Relief Act and integrated value creation strategies. networks in the USA. These statements are based on various assumptions, whether or not stated in this press release, as well as the current expectations of TOYO management and are not predictions of actual operating results.

These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially 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 cautions you that these statements are based on a combination of facts and factors currently known and future projections that are inherently uncertain. In addition, there are risks and uncertainties described in the documents that TOYO files from time to time with the SEC. These documents 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 contained in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, but not limited to, the outcome of any potential litigation, governmental or regulatory proceedings, TOYO’s sales performance, and other risks and uncertainties, including, but not limited to, those included under the caption “Risk Factors” ” in TOYO’s filings with the SEC. There may be additional risks that TOYO is not currently aware of or that TOYO currently believes to be immaterial, which also could cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties contained in these forward-looking statements, nothing in this press release should be construed as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the intended results of such forward-looking statements will be achieved . The forward-looking statements in this press release reflect TOYO’s views as of the date of this press release. Subsequent events and developments may cause these views to change. However, although TOYO may update these forward-looking statements in the future, the company does not currently intend to do so except as required by applicable law. Therefore, you should not rely on these forward-looking statements as TOYO’s views as of any date subsequent to the date of this press release. Except as required by law, TOYO undertakes no obligation to update these forward-looking statements.

Contact information:

For TOYO Co., Ltd.

(email protected)

Crocker Coulson

E-mail: (email protected)

Tel: (646) 652-7185