TOYO Celebrates Completed 2 GW Module Expansion at Texas Facility with Ribbon-Cutting Ceremony

TOYO expects to complete a Texas solar cell line in the first quarter of 2028 following its module capacity expansion.

Rhea-AI Summary

TOYO (Nasdaq: TOYO) completed its Texas solar module capacity expansion to 2 GW, marking the milestone with a ribbon-cutting ceremony.

The October 6 ceremony took place at the company's facility in Humble, Texas. The 2 GW figure represents nameplate capacity, rather than reported production. The expansion involves an investment of hundreds of millions of dollars and a commitment to use exclusively U.S. polysilicon. TOYO also plans a heterojunction (HJT) solar cell line in Texas, which it expects to complete in the first quarter of 2028. Management presented its strategy and growth plans at an Analyst Day earlier on October 6.

2 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointCompleted Texas expansion brings solar module nameplate capacity to 2 GW.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Texas HJT solar cell line is planned, with completion expected in the first quarter of 2028.

Negative

• Major pointTexas factory expansion involves an investment of hundreds of millions of dollars.

Key Figures

Module nameplate capacity: 2 GW HJT cell line completion: Q1 2028

Module nameplate capacity

2 GW

Completed expansion at the Humble, Texas facility

HJT cell line completion

Q1 2028

Expected completion of the planned Texas cell line

Historical Context

2 past events · Latest: Sep 28

2 events

1. Sep 28

   Supply agreements

   24h Move

   -5.8%

   Binding module supply agreements covered deliveries through 1H27 using the Houston facility's approximately 2 GW capacity.

2. Sep 21

   Factory audit

   24h Move

   +1.4%

   Independent factory audit assigned the Humble facility its highest grade ahead of planned 2 GW capacity.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

nameplate capacity, heterojunction, polysilicon

3 terms

nameplate capacity technical

"module nameplate capacity to 2 GW"

Nameplate capacity is the maximum output a power plant, factory, or piece of equipment can produce under ideal conditions, as specified by the manufacturer. Investors care because it sets the upper limit on potential revenue and growth—actual earnings depend on how often and efficiently that capacity is used, similar to a car’s top speed versus how fast you actually drive in daily traffic.

heterojunction technical

"heterojunction (HJT) cell line in Texas"

A heterojunction is the boundary formed where two different semiconductor materials meet within an electronic device, creating a change in electrical properties at that interface. Like joining two kinds of fabric in a garment to get different stretch or insulation where they meet, the heterojunction controls how charges move, recombine, or are confined, which directly affects a device’s efficiency, speed, and manufacturing complexity—key factors for valuing technology and production prospects.

polysilicon technical

"committing to use exclusively US polysilicon"

Polysilicon is a high-purity form of silicon used as the basic raw material to make solar panels and semiconductor components; think of it as the refined steel that carmakers use. It matters to investors because its availability, production cost and price affect the profitability and supply chains of large industries like solar power and electronics, so changes in polysilicon supply or cost can move company margins and stock valuations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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U.S. Department of Commerce, Consulate General of Japan in Houston, and industry partners join TOYO in Humble, Texas; Company shares plans for HJT cell line

TOKYO, Oct. 7, 2026 /PRNewswire/ -- On October 6, TOYO Co., Ltd (Nasdaq: TOYO) ("TOYO" or the "Company"), a solar manufacturer, held a ribbon-cutting ceremony at its solar module manufacturing facility in Humble, Texas, marking the completed expansion of the facility's module nameplate capacity to 2 GW.

The ceremony brought together government, community, and industry leaders, including Jeffrey I. Kessler, Under Secretary of Commerce for Industry and Security; Takeshi Koyama, Consul General of Japan in Houston; Congressman Christian D. Menefee; and Paul Wormser, Senior Vice President of CEA Intertek. Customers, partners, analysts, and investors also attended. The program included remarks, the ribbon-cutting, and tours of the factory floor.

Earlier in the day on October 6, TOYO hosted an Analyst Day, where management presented the Company's strategy and growth plans. TOYO also shared its plans for a heterojunction (HJT) cell line in Texas, which the Company expects to complete in the first quarter of 2028. A replay of the Analyst Day webcast is available at investors.toyo-solar.com.

 "Toyo's announcement is the direct result of the Trump Administration's bold policies to bring manufacturing and jobs back to America. By investing hundreds of millions of dollars to expand its Texas factory, onshoring overseas production, and committing to use exclusively US polysilicon, Toyo is making an important contribution to America's manufacturing renaissance," said Jeffrey I. Kessler, Under Secretary of Commerce for Industry and Security.

"This investment is creating hundreds of skilled manufacturing jobs and valuable workforce development for families here in Texas — a brilliant example of how global innovation translates into real, tangible local prosperity and opportunity. This landmark project embodies the strength of the Japan–U.S. economic partnership, and Japan remains a committed long-term investor in the United States," said Takeshi Koyama, Consul General of Japan in Houston.

 "At times in Washington it seems like we don't agree on much, but we agree that onshoring is of the utmost importance. Building jobs and production right here in the United States is crucial, and we get there through partnerships with allies doing the same work. I'm proud this investment is being made here in Houston's 18th Congressional District," said Congressman Christian D. Menefee.

 "Our team conducts a rigorous, independent review of every element of a factory's operations — quality systems, processes, and risk controls. We check a thousand different things in twelve major areas. And in those twelve major areas, we have never found perfection, but Toyo has gotten our highest grade," said Paul Wormser, Senior Vice President of CEA Intertek.

"Completing our 2 GW module expansion in Texas is an important milestone for TOYO, and cell manufacturing with HJT technology is our next step," said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO. "We thank our employees, the Humble community, and our partners in the United States and Japan for their support."

About TOYO Co., Ltd.

TOYO is a solar manufacturing company committed to becoming a vertically integrated solar manufacturer provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

Contact Information:
For TOYO Co., Ltd.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aumadvisors.com
Tel: (646) 652-7185

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SOURCE TOYO Co., Ltd.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much solar module capacity does TOYO's expanded Texas facility have?

TOYO's expanded facility in Humble, Texas, has 2 GW of module nameplate capacity. The completed expansion was marked with a ribbon-cutting ceremony on October 6. Nameplate capacity is the facility's rated capacity, not a reported production volume.

When does TOYO expect to complete its Texas HJT solar cell line?

TOYO expects to complete its planned heterojunction (HJT) solar cell line in Texas in the first quarter of 2028. The cell line remains a planned addition, distinct from the completed module capacity expansion.