TOYO Co., Ltd. Plans 1.5 GW HJT Solar Cell Facility in Houston

Tokyo, Japan - TOYO Co., Ltd. (Nasdaq: TOYO), a global solar manufacturing company, has announced a significant strategic move to expand its production platform in the United States. The company plans to construct a 1.5 GW heterojunction (HJT) solar cell manufacturing facility in the Houston metropolitan area, Texas. This new site will be co-located with the company's existing solar module operations to create an integrated domestic manufacturing hub.

The project represents a total capital investment of approximately $357 million and is expected to reach completion within 20 months. By establishing this facility, TOYO aims to solidify its position as a key provider of high-efficiency, FEOC-compliant solar technology for the U.S. utility-scale market.

Key Highlights:

• Job Creation: The facility is projected to create approximately 400 direct full-time manufacturing jobs in the Houston area, with an additional estimated 1,200 regional supply chain roles.
• Technological Edge: The plant will utilize HJT technology, known for enhanced conversion efficiencies and superior performance in high-temperature environments.
• Strategic Benefits: Co-location with existing module operations is expected to reduce logistics costs and streamline the production cycle.
• Fiscal Incentives: The expansion aligns with the Inflation Reduction Act (IRA), potentially qualifying for substantial production tax credits under Section 45X.

Takahiko Onozuka, Chairman and CEO of TOYO, emphasized that this expansion is a natural step in building an integrated onshore solar supply chain, spanning from raw materials to finished panels. The company intends to fund this growth through a combination of internal cash flows, project financing, and strategic partnerships.