Insider Brief
- TOYO Co., Ltd. (Nasdaq: TOYO) has announced a 2GW expansion of its solar cell manufacturing capacity at its Ethiopia facility, doubling total output to 4GW in response to strong global demand.
- Phase 2 of the project will begin in April 2025 and is slated for completion in July 2025, with production starting in August; the $47 million investment includes leasing a 28,000 m² facility adjacent to the existing site in Hawassa.
- Chairman and CEO Junsei Ryu said the rapid expansion, supported by early interest and orders, reflects the company’s strategic vision and commitment to meeting global energy needs with sustainable, high-performance solar solutions.
TOYO Announces Major Solar Expansion in Ethiopia
PRESS RELEASE – TOYO Co., Ltd, a solar solution company, has announced it will begin building an additional 2 gigawatts (GW) solar expansion at its new Ethiopia facility. This expands upon the successful completion of Phase 1 of the facility and is a direct response to the global demand for its solar cell products.
Phase 2 Solar Expansion Details
“This expansion is a direct response to the strong demand we’re seeing globally for high-performance solar cells. We have successfully completed the construction of the Phase 1 solar cell manufacturing facility, which has a capacity of 2GW. We are currently conducting equipment installation, tests, and trial runs at this facility. With formal solar expansion scheduled to commence in the early second quarter of 2025, we are confident in our ability to scale up production quickly and efficiently,” said Mr. Junsei Ryu, Chairman and CEO of the Company.
“The global interest and orders we’ve received for our solar cell products, even before Phase 1 is fully operational, confirm the strength of our strategic vision. Given the global demand, we have decided to proceed with this additional capacity.”
Key Highlights of the Expansion Plan:
- Increased Capacity: This solar expansion will double the Company’s current Ethiopia cell production capacity from 2GW to 4GW.
- Expansion timeline: The solar expansion is scheduled to begin in April 2025 and expected to be completed in July 2025, with production expected to commence in August 2025.
- Strategic Investment: The solar expansion project is estimated to require an investment of $47 million.
Conclusion: TOYO’s Role in a Greener Future
TOYO is in negotiation to sign a lease for a 28,000 m2 facility in Hawassa, Ethiopia, adjacent to the Company’s Phase 1 automated cell production site, for Phase 2 of solar expansion. The existing infrastructure for the Phase 1 site can support the Phase 2 expansion, significantly shortening the solar expansion timeline.
“TOYO is committed to providing cutting-edge solar solutions to meet the global market’s needs while reducing our carbon footprint across the supply chain. This expansion reinforces our aspiration to be a key player in the global solar industry and our dedication to a sustainable energy future,” said Mr. Ryu.
