TOYO to Acquire Solar Module Manufacturing Facility in Texas to Strengthen US Expansion

TOYO Co., Ltd. announced that it has reached an agreement to acquire 100 percent of the membership interests in Solar Plus Technology Texas LLC (Solar Plus), located in the Houston metropolitan area. The acquisition will be carried out through its subsidiary, TOYO Solar LLC.

The newly leased manufacturing facility spans 567,140 square feet and is initially set to accommodate 2.5 gigawatts (GW) of solar module manufacturing capacity. TOYO has plans to expand this capacity to 6.5 GW by 2029. The construction of Phase 1 of the facility has already been completed, and the company expects key equipment to arrive by early 2025.

The facility's first 1 GW production is slated to begin by mid-2025, with plans to ramp up production to 2.5 GW by the end of the same year, driven by strong demand from US customers.

This strategic acquisition is part of TOYO’s efforts to expand its presence in the US, positioning itself closer to key customers and meeting the growing demand for domestically produced solar panels. The expansion is also aimed at supporting the increasing need for secure, sustainable energy solutions, especially as pressures on the US power grid rise.

Junsei Ryu, Chairman and CEO of TOYO, stated, "This acquisition is a significant milestone in our strategy to establish a manufacturing footprint in the US, complementing our existing facilities in Vietnam and Ethiopia. We aim to provide technologically advanced, reliable, and cost-effective solar solutions, while also contributing to a robust global supply chain that meets the dynamic needs of the US market."

As part of the acquisition, TOYO Solar LLC will gain 100% ownership of Solar Plus, and TOYO Holdings LLC, a fully-owned subsidiary of TOYO, will contribute USD 19.96 million in capital to TOYO Solar LLC. This investment will support the construction of Phase 1 at the Solar Plus site.

Ryu further said, "By acquiring Solar Plus, we will accelerate our expansion in the US and leverage the manufacturing excellence of our team, along with the well-established customer base and strong brand reputation of our sister company, Vietnam Sunergy, a Tier 1 Bloomberg NEF solar manufacturer. We are confident that this move will enhance our competitive advantage and help us meet local content requirements for US solar projects."

This acquisition is expected to strengthen TOYO’s position in the global solar market and help meet the growing demand for clean energy solutions in the US and beyond.