TOYO Hosts Ethiopian Delegation, Exploring Opportunities for Enhanced Cooperation

Rhea-AI Summary

TOYO Co (Nasdaq: TOYO) recently hosted a delegation from Ethiopia's Industrial Park Development (IPDC) and Ethiopia's Ambassador to Japan at its facilities in Vietnam and Japan. The visit followed the Japan-India-Africa Business Forum on February 26, 2025.

The company is currently constructing a 2 GW solar cell manufacturing plant within Ethiopia's IDPC industrial park, scheduled to begin production by end of March 2025. The meeting emphasized potential collaboration opportunities in establishing a solar supply chain, aligning with Ethiopia's industrial infrastructure and environmental sustainability goals.

TOYO's CEO Junsei Ryu highlighted Ethiopia's supportive business environment and access to green power as key advantages for the facility. IPDC's CEO Feseha Yetagesu expressed appreciation for TOYO's commitment to sustainable investments in Ethiopia.

Positive

• New 2 GW solar cell manufacturing plant in Ethiopia starting production this month
• Strategic expansion into African market through Ethiopia's industrial park
• Access to abundant green power reducing carbon footprint of production
• Strong government support and favorable business environment in Ethiopia

Negative

• None.

TOKYO, March 11, 2025 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC:TOYWF) ("TOYO" or the "Company"), a solar solution company, is pleased to announce that it recently welcomed a delegation from Ethiopia's Industrial Park Development Corporation (IPDC) and Ethiopia's Ambassador to Japan and its facilities in Vietnam. The visit followed the delegation's participation in the Japan-India- Africa Business Forum held in Japan on February 26, 2025.

TOYO is currently constructing a 2 GW solar cell manufacturing plant within Ethiopia's IDPC industrial park. This plant is scheduled to commence production by the end of this month, further contributing to local economic development and job creation.

The meeting at TOYO's headquarter in Japan and its facilities in Vietnam highlighted the potential for further collaboration in establishing a robust solar supply chain. TOYO's expertise in solar cell manufacturing and sustainable manufacturing aligns with Ethiopia's goals of enhancing its industrial infrastructure while promoting environmental sustainability.

"We are grateful for the Ethiopian government's supportive business environment and commitment to renewable energy," said Mr. Junsei Ryu, CEO and Chairman of TOYO. "The local authorities have been very responsive and proactive in resolving issues related to the building, fitting out, and logistics for our world-class facility. In addition, the access to abundant green power makes Ethiopia an excellent location for customers concerned with the total carbon footprint of their solar equipment. Our partnership has boosted our efficiency, aligned with our sustainability goals, and reinforced our confidence in Ethiopia as a hub for sustainable growth."

"We highly value TOYO for its commitment to sustainable investments in Ethiopia, driving economic growth and supporting our climate change mitigation efforts," said Mr. Feseha Yetagesu, CEO of IPDC. "We were very impressed with TOYO's state-of-the-art and efficient facilities in Vietnam and we look forward to continued collaboration in building a greener future and fostering an environmentally conscious business environment."

About TOYO Co., Ltd.

TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the 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

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO, TOYO's construction plan of manufactures, and strategies for building up an integrated value chain in the U.S. These forward-looking statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance.

The forward-looking statements in this press release involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO cautions you that these forward-looking statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the Securities and Exchange Commission (the "SEC"). These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements in this press release.

TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" in the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in these forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements to represent the views of TOYO as of any date subsequent to the date of this press release. Except as required by law, TOYO does not undertake any duty to update these forward-looking statements.

Contact Information:

For TOYO Co., Ltd.
IR@toyo-solar.com 

Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185

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SOURCE TOYO Co., Ltd

FAQ

When will TOYO's new 2 GW solar cell manufacturing plant in Ethiopia start production?

TOYO's new solar cell manufacturing plant in Ethiopia is scheduled to commence production by the end of March 2025.

What is the production capacity of TOYO's new manufacturing facility in Ethiopia?

The new TOYO facility in Ethiopia has a production capacity of 2 GW for solar cells.

Why did TOYO choose Ethiopia for its new solar cell manufacturing plant?

TOYO selected Ethiopia due to its supportive business environment, abundant green power access, and commitment to renewable energy development.

What are the environmental benefits of TOYO's new Ethiopian facility?

The facility benefits from Ethiopia's abundant green power, reducing the total carbon footprint of TOYO's solar equipment production.

Where is TOYO's new solar manufacturing plant located in Ethiopia?

TOYO's new solar cell manufacturing plant is located within Ethiopia's IPDC industrial park.