On November 25, Japan's TOYO Co.,Ltd announced that it has agreed to acquire 100% of Solar Plus Technology Texas LLC, located in the Houston, Texas metropolitan area, through its subsidiary TOYO Solar LLC, according to foreign media reports.
The new 567,140-square-foot facility acquired by TOYO reportedly has plans to build 2.5GW of solar module manufacturing capacity, expanding to 6.5GW by 2029.
Construction of the first phase of the plant is said to be complete, with some of the required equipment due to arrive in early 2025. The first 1GW production from the plant is expected to start in mid-2025.
“This acquisition marks an important step in TOYO's strategy to establish a manufacturing footprint in the U.S., complementing our current manufacturing operations in Vietnam and Ethiopia,” said Mr. Junsei Ryu, Chairman and CEO of TOYO.
Just last month, TOYO Solar announced plans to build a solar cell manufacturing plant in Ethiopia with an annual capacity of 2GW. With an estimated investment of $60 million, equipment installation is scheduled for November of this year and production will begin in the first quarter of 2025.
TOYO Solar said the 2GW cell plant in Ethiopia will supply cells for its planned 2GW module plant in the US.
According to the information, TOYO Solar was founded in November 2022 and is committed to be a reliable global solar energy solution provider, which is headquartered in Japan.
TOYO has completed the first phase of a 4GW/year photovoltaic (PV) cell plant in Vietnam and started commercial production in October 2023, according to the report.
On July 2, 2024, TOYO and Blue World Acquisition Corporation announced the completion of their business combination and successfully listed on the NASDAQ exchange on the same day. The merged company is TOYO Co., Ltd. (ticker symbol “TOYO”).
According to TOYO's first-half results report, its revenue for the first half of this year was $138.1 million, net income was $19.6 million, gross margin was 19.3%, and shipments were 985 MW.
In its half-yearly report, TOYO said that at the beginning of the year it expected the company to ship 2.5GW, but its forecast for full-year shipments in 2024 was lowered to 1.9GW amid a U.S. trade investigation into Southeast Asian solar makers.
On November 18, TOYO updated its forecast for 2024 results. The company expects its cell shipments to be around 1.7-1.8GW in 2024, a slight downward revision from its previous annual target of 1.9GW, due to the impact of anti-dumping and countervailing duty investigations by the U.S. Dept. of Commerce and the International Trade Commission. It expects to realize a net income of $10 million in 2024.
Meanwhile, TOYO also disclosed its annual target for 2025.
TOYO said, “Through the full year 2025, solar cell shipments are expected to reach 3.5GW, driven by strong demand from utility-scale end-customers and new capacity at the company's 2GW cell manufacturing facility in Ethiopia. Meanwhile the company forecasts net income to reach $33 million in 2025.”
Source：https://mp.weixin.qq.com/s/hZQx8EpV-Bf0IGzwa8F8BA
