TOKYO, Oct. 14,
2024 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq:
TOYO) ("TOYO" or the "Company"), a solar solution company, is
excited to announce its plan to establish a state-of-the-art solar
cell manufacturing facility with an expected annual capacity of 2
gigawatts (GW). The Company has signed a lease agreement for the
new facility that is strategically located in Hawassa, Ethiopia, taking advantage of the country's
favorable investment policies, tariff status, and ample hydropower
supply.
The project represents an estimated investment of $60 million and will be financed using internal
resources and pre-payments.
TOYO expects to begin fitting out the new plant in November 2024, with the new factory anticipated
to start production at the end of the first quarter of 2025. TOYO
has selected a 31,500 m2 facility in Hawassa that
will be modified to meet the needs of a modern, automated cell
production. Once complete, TOYO estimates the new facility will
create up to 880 jobs, including manufacturing and engineering.
Ethiopia is exempt from tariffs
for bifacial solar cells under Section 201 of the Trade Act of 1974
of the U.S.
"We are thrilled to embark on this ambitious project, which will
enable us to rapidly scale up solar cell production to meet the
needs of our planned module facility in the United States. Establishing this
manufacturing plant is a key step in our strategic vision to
diversify our supply chain and enhance our sourcing capabilities
for solar solutions in the global market," said Mr. Junsei Ryu, CEO of TOYO.
"Approximately 90% of Ethiopia's electricity generation comes from
hydropower, with wind contributing 8% and thermal sources
accounting for the remaining 2%. The new facility will be able to
take advantage of this green power supply to advancing TOYO's goal
of reducing the carbon footprint across our supply chain as this
issue becomes increasingly important to utility-scale developers in
the U.S., Europe, and other
markets. This facility will enhance our production capabilities and
increase efficiency, reduce costs, and respond more swiftly to
market demands, positioning TOYO as a competitive key player in the
renewable energy sector."
About TOYO Co., Ltd.
TOYO is a solar solutions company that is committed to becoming
a full-service solar solutions provider in the global market,
integrating the upstream production of wafers and silicon,
midstream production of solar cells, downstream production of
photovoltaic modules, and potentially other stages of the solar
power supply chain. TOYO is well-positioned to produce high-quality
solar cells at a competitive scale and cost.
Forward-Looking Statements
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 may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding the expected growth of TOYO, the expected
order delivery of TOYO products, TOYO's construction plan for new
facilities, anticipated commencement of production, and strategies
for building up an integrated value chain in the U.S. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of TOYO's management and are not predictions of actual
performance.
These statements involve risks, uncertainties, and other factors
that may cause actual results, levels of activity, performance, or
achievements to be materially different 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 caution you that these
statements are based on a combination of facts and factors
currently known and projections of the future, which are inherently
uncertain. In addition, there are risks and uncertainties described
in the documents filed by TOYO from time to time with the SEC.
These filings 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 in
this press release will prove to be accurate. These forward-looking
statements are subject to several risks and uncertainties,
including, among others, the outcome of any potential litigation,
government or regulatory proceedings, the sales performance of
TOYO, and other risks and uncertainties, including but not limited
to those included under the heading "Risk Factors" of the filings
of TOYO with the SEC. There may be additional risks that TOYO does
not presently know or that TOYO currently believes are immaterial
that could also cause actual results to differ from those contained
in the forward-looking statements. In light of the significant
uncertainties in these forward-looking statements, nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. The forward-looking
statements in this press release represent the views of TOYO as of
the date of this press release. Subsequent events and developments
may cause those views to change. However, while TOYO may update
these forward-looking statements in the future, there is no current
intention to do so except to the extent required by applicable law.
You should, therefore, not rely on these forward-looking statements
as representing the views of TOYO as of any date subsequent to the
date of this press release. Except as may be required by law, TOYO
does not undertake any duty to update these forward-looking
statements.
Contact Information:
For TOYO Co., Ltd.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185
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SOURCE TOYO Co., Ltd