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TOYO Co., Ltd. Expands Its Solar Operations in the United States

TOYO Co., Ltd. has made headlines by acquiring the remaining 24.99% interest in TOYO Solar LLC, transforming it into a fully owned subsidiary. This acquisition is pivotal for TOYO as it signifies a strategic move toward reinforcing its position within the American solar supply chain.

The company, which trades on Nasdaq under the ticker TOYO and on OTC as TOYWF, is renowned for its dedication to solar solutions. By obtaining full control over TOYO Solar LLC, TOYO enhances its operational strategy, allowing for an alignment of long-term interests and operational capabilities.

Commitment to U.S. Manufacturing

This transaction aligns seamlessly with TOYO's ongoing efforts to expand its manufacturing capabilities in the United States. Currently, TOYO Solar LLC is actively engaged in establishing a solar module manufacturing facility in Texas, aiming to produce 2.5GW of solar modules. This facility underscores TOYO's commitment to investing in American-made solar solutions, ensuring that the products not only serve the domestic market but also resonate with consumer preferences for local production.

Junsei Ryu, the Chairman and CEO of TOYO, expressed the significance of this acquisition, describing it as a major milestone in the company's growth strategy in the U.S. market. With full ownership, TOYO can significantly enhance its operational control, setting the company on a path toward achieving its goal of producing high-quality solar cells at competitive costs while ensuring scalability.

TOYO’s Vision as a Full-Service Provider

TOYO is on a mission to establish itself as a comprehensive solar solutions provider on a global scale. The company integrates multiple stages of the solar power supply chain, from upstream production involving wafers and silicon to midstream production of solar cells and downstream production of photovoltaic modules. This integrated approach positions TOYO to meet the evolving demands of the solar energy sector and stay ahead of industry advancements.

The recent acquisition is a testament to TOYO's larger vision. The company is determined not just to participate in the renewable energy sector, but to lead the way by leveraging advanced technologies and sustainable practices. This holistic approach within the solar energy domain aims to enhance efficiency and effectiveness, promising a greener future for energy consumption.

Forward-Looking Statements and Risks

It is essential to note that any future expectations, plans, and prospects shared by TOYO in conjunction with this acquisition may contain forward-looking statements as defined under The Private Securities Litigation Reform Act of 1995. Such statements are inherently subject to risks and uncertainties, which could result in actual results differing significantly from those expressed or implied. Stakeholders are encouraged to review TOYO's annual report on Form 20-F for comprehensive insights into potential risks.

Conclusion

The acquisition of the remaining interest in TOYO Solar LLC not only solidifies TOYO's foothold in the U.S market but also illustrates the company's commitment to fostering an environment where renewable energy can flourish. As TOYO continues to expand its operations and capabilities in solar manufacturing, their dedication to promoting solar solutions appears unwavering. This strategic move not only paves the way for enhanced production but also showcases TOYO's larger commitment to sustainable energy solutions worldwide.