Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
A copy of the press release of TOYO Co., Ltd (“TOYO”),
a Cayman Islands exempted company, published on August 7, 2026 is being furnished as Exhibit 99.1 with this Report on Form 6-K.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
TOYO Solar Welcomes President Trump’s Section 232 Action to
Accelerate American Solar Manufacturing
TOKYO, August 7, 2026 , /PRNewswire/ -- TOYO
Co., Ltd. (Nasdaq: TOYO; OTC: TOYWF) (“TOYO” or the “Company”), a solar manufacturing company, today welcomed
the proclamation issued by President Trump under Section 232 of the Trade Expansion Act of 1962 addressing imports of polysilicon and
downstream solar products, including provisions intended to encourage domestic manufacturing investment. TOYO reaffirmed its commitment
to expanding solar manufacturing in the United States.
“TOYO welcomes President Trump’s action under Section 232
and is committed to supporting the Administration’s objectives through substantial, long-term investment in the United States,”
said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO. “As a Japanese-headquartered company with an established American
manufacturing presence, we operate a 2GW module manufacturing facility in Houston and are investing $357 million in an advanced heterojunction
(HJT) cell facility at our Texas solar manufacturing campus. In addition, we are advancing plans for a phased buildout of a U.S. solar
manufacturing supply chain that would connect American polysilicon with domestic wafer, cell, and module manufacturing.
“The proclamation reflects the Administration’s leadership
in making national security, American energy dominance, and domestic manufacturing central to U.S. solar policy,” said Rhone Resch,
Chief Strategy Officer of TOYO. “It recognizes that the United States must develop commercially scaled production of polysilicon,
ingots, wafers, and cells to reduce its dependence on China and other foreign entities of concern.”
“The proclamation’s onshoring provisions send an important
signal that companies serving the American market should invest in American facilities, employ American workers, and help build secure
domestic supply chains,” Resch continued. “By linking favorable tariff treatment to verifiable U.S. investment, construction,
and production commitments, the framework can mobilize private capital and accelerate the development of strategically important manufacturing
capacity.”
“TOYO looks forward to engaging with the Department of Commerce
on an integrated manufacturing plan that brings together our existing U.S. operations, advanced HJT technology, use of American polysilicon,
auditable non-FEOC supply chain, and ,our planned investments across the U.S. solar manufacturing supply chain” Resch added. “During
the buildout, transitional cell production from TOYO’s non-FEOC supply chain can help sustain American module manufacturing, protect
U.S. jobs, and provide the operating continuity necessary to finance and execute our domestic expansion.”
“We believe this strategy aligns TOYO’s long-term growth
with the Administration’s objective of establishing a secure and competitive American solar industry, while maintaining the capital
discipline and operational flexibility necessary to create lasting value for our shareholders, customers, employees, and the communities
in which we operate.”
About TOYO Co., Ltd.
TOYO is a solar manufacturing company that is committed to becoming
a vertically integrated solar manufacturer 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 and modules 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.
Such statements may be identified by words such as “estimate,” “plan,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “target,” “commit,”
or similar expressions. They include, but are not limited to, statements regarding the anticipated effects of the Section 232 proclamation
and its onshoring provisions; TOYO’s plans to invest in and expand U.S. manufacturing, including the Texas cell facility and planned
ingot, wafer, and cell production; TOYO’s intent to engage with the U.S. Department of Commerce regarding an integrated manufacturing
plan and transitional cell supply; the availability of favorable tariff treatment, offsets, financing, and partners; and TOYO’s
U.S. manufacturing and supply chain strategy. These statements are based on management’s current expectations and assumptions and
are not predictions of actual performance.
These statements involve risks and uncertainties that may cause actual
results to differ materially, including the final terms, scope, timing, and implementation of the proclamation and any related programs;
the outcome and timing of any engagement with the U.S. Department of Commerce, as to which no assurance can be given that any offset,
exemption, or company-specific arrangement will be obtained on acceptable terms or at all; TOYO’s ability to obtain financing and
partners for planned facilities on acceptable terms; construction, permitting, supply chain, and execution risks; the pending antidumping
and countervailing duty circumvention proceeding; changes in trade, tax, energy, and other laws, regulations, and government policy; market
demand and pricing for solar products; and other risks described in TOYO’s filings with and submissions to the United States Securities
and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and, except as required by law, TOYO
undertakes no duty to update these statements.
Contact Information
For TOYO Co., Ltd.
Crocker Coulson
crocker.coulson@aumadvisors.com
Tel: (646) 652-7185
SOURCE TOYO Co., Ltd.
