TOYO Acquires VSUN Brand to Strengthen U.S. Solar Market Expansion

TOYO Co., Ltd , a solar solutions provider, has acquired the VSUN brand from its sister company, Vietnam Sunergy Joint Stock Company (VSUN Co), in a move aimed at consolidating operations and accelerating market growth.

The acquisition, which did not involve any issuance of new equity, is designed to unify the company’s solar business under one umbrella and enhance shareholder value, according to TOYO. Both companies operate under the majority control of Abalance Corporation and have maintained close collaboration in recent years.

Market Presence and Recognition

Since 2018, more than 8 GW of VSUN-branded solar modules have been delivered to the U.S. market, cementing the brand’s reputation among developers and financial institutions. VSUN modules are insured by Munich Re and have been widely adopted in utility-scale projects.

The brand has also received multiple industry recognitions:

• PVEL “Top Performer” (2021–2025) for consistent performance in durability testing.
• BloombergNEF Tier 1 ranking (Q3 2019–Q2 2025, except Q4 2023 and Q1 2024).
• RETC “Overall Highest Achiever” in 2024 and 2025 for reliability, performance, and quality.
• EcoVadis Bronze Medal (2021–2024) for ESG and CSR initiatives.

Strategic Rationale

TOYO said the acquisition will enable it to leverage VSUN’s established brand recognition and customer base, particularly in the United States. The move is expected to accelerate TOYO’s U.S. market expansion, where demand for domestically available panels continues to rise.

The company also highlighted operational synergies, noting its position as one of the largest non-Chinese manufacturers of N-type solar cells, with facilities in Vietnam and Ethiopia. Combining this capacity with the VSUN brand is anticipated to improve cost competitiveness and operational efficiency.

“We view this as a catalyst for long-term value creation,” said Junsei Ryu, Chairman and CEO of TOYO. “TOYO’s solar cell manufacturing strength and innovation roadmap, coupled with VSUN’s global reach and customer trust, gives us an edge in markets such as utility-scale modules requiring reliability, scale, and trade transparency.”