TOYO Co. Strengthens Solar Production In The U.S. With Texas Facility Purchase

TOYO Co., Ltd, a company specializing in solar solutions, has announced that it will acquire all membership interests in Solar Plus Technology Texas LLC, based in the Houston area of Texas. The acquisition will be made through its subsidiary, TOYO Solar LLC.

Mr. Junsei Ryu, Chairman and CEO of TOYO, said in a statement, “This acquisition marks a significant step in TOYO’s strategy to establish a manufacturing footprint in the U.S., complementing our current manufacturing presence in Vietnam and Ethiopia. Our strategy is to supply end customers with solar solutions that are technologically advanced, highly reliable, and cost competitive. We are committed to building a robust global solar supply chain structure that efficiently and competitively serves the U.S. market and other regions, adapting to a dynamic policy environment.”

Following this acquisition, TOYO Solar LLC will fully own Solar Plus by acquiring 100% of its membership interests. TOYO Holdings LLC, a subsidiary of TOYO that owns 75.01% of TOYO Solar LLC, will contribute $19.96 million to TOYO Solar LLC. This funding is intended for the Phase 1 construction of Solar Plus’s manufacturing site.

“By acquiring Solar Plus, we will accelerate our development and leverage our team’s proven manufacturing excellence, as well as the extensively established customer relationships and the brand of our sister company, Vietnam Sunergy, a Tier 1 Bloomberg NEF solar manufacturer. We are confident that our expansion in the U.S. will effectively deliver a comprehensive solar technology solution, addressing bottlenecks for developers, meeting local content requirements for U.S. solar projects, and enhancing TOYO’s competitive advantage,” added Mr. Ryu.