TOYO secures $150m solar cells contract to bolster renewable energy growth

TOYO has signed a $150m solar cells supply contract with a leading solar module manufacturer to support production expansion in India and the United States. The company will utilize its manufacturing facilities in Vietnam and Ethiopia to produce advanced solar cells designed to enhance module efficiency and performance.

This partnership strengthens TOYO’s market position and aligns with its commitment to promoting sustainable energy. Chairman and CEO Junsei Ryu called the deal a significant milestone, emphasizing TOYO’s role in advancing global solar energy adoption.

In November 2024, TOYO acquired Solar Plus Technology Texas, which owns a 567,140ft² facility near Houston. Production is slated to begin in mid-2025 with an initial 1GW capacity, as part of TOYO’s U.S. expansion plans targeting 2.5GW capacity.

TOYO also plans to build a 2GW solar cell plant in Hawassa, Ethiopia, with a $60m investment leveraging the country’s investment incentives and hydropower resources. The 31,500m² facility underscores TOYO’s global efforts to drive renewable energy adoption.