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TOYO (Nasdaq: TOYO) has initiated production at its new 2GW solar cell facility in Ethiopia in early April 2025. The company plans to deliver over 80 MW of solar cells to customers by April's end, with production expected to reach 150-200 MW monthly by May-June 2025.
Due to strong customer demand and requirements from its Houston Texas module facility, TOYO announced plans to expand the Ethiopian plant's nameplate capacity to 4GW. This expansion aligns with the company's strategy to enhance its global solar manufacturing presence and meet growing renewable energy demand.
TOYO Co (Nasdaq: TOYO, OTC: TOYWF), a solar solution company, has scheduled the release of its second half and fiscal year 2024 financial results on Monday, April 28, 2025. The company will host a conference call at 8:30 AM ET to discuss the results.
The earnings release and investor presentation will be accessible on the company's investor relations website at investors.toyo-solar.com before the event. Participants can join via webcast or through various dial-in numbers, including toll-free (800) 715-9871, toll +1 (646) 307-1963, and Japan-Tokyo +81.3.4578.9081, using Conference ID: 7240281.
TOYO Co (Nasdaq: TOYO) hosted Ethiopian Prime Minister Abiy Ahmed Ali at its solar cell production facility in Phu Tho Province, Vietnam on April 15, 2025. The Prime Minister, accompanied by ministerial delegates and local officials, toured TOYO's intelligent solar cell production line.
Key developments include:
- TOYO is expanding its Ethiopian facility in Hawassa from 2 GW to 4 GW capacity
- The expansion project is scheduled for completion by July 2025
- Production at the expanded facility is expected to begin in August 2025
Prime Minister Abiy Ahmed invited Abalance Group, TOYO's parent company, to participate in developing photovoltaic power plants in Ethiopia, aiming to enhance strategic cooperation and advance the country's green energy goals.
TOYO (Nasdaq: TOYO) has announced plans to double its solar cell production capacity in Ethiopia with an additional 2 gigawatts (GW) expansion. This decision follows the successful completion of Phase 1 facility, which also has 2GW capacity and is scheduled to begin production in early Q2 2025.
The Phase 2 expansion key details include:
- Investment of $47 million
- Construction to begin in April 2025
- Completion expected by July 2025
- Production start planned for August 2025
- 28,000 m2 facility in Hawassa, Ethiopia
The company is currently in negotiations for the Phase 2 facility lease, which will be adjacent to Phase 1's automated cell production site. The existing infrastructure from Phase 1 will support the expansion, enabling a faster timeline.
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.
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