TOYO News & Events

Toyo announced that it has signed a sales contract with a U.S. polysilicon manufacturer to secure domestically sourced critical raw materials for TOYO's solar manufacturing operations. This agreement adds U.S.-sourced polysilicon to Toyo's existing non-Foreign Entity of Concern overseas supply, strengthening Toyo's dual-source strategy and ensuring a stable and regulatory compliant supply for its solar manufacturing operations. Under the sales contract, the Supplier agreed to provide Toyo with polysilicon produced in the U.S., strengthening Toyo's ability to meet growing demand in the U.S. solar market. The sales contract has a term of one year. This partnership establishes a robust and diversified polysilicon supply chain, supporting both Toyos cell manufacturing in Ethiopia and module production in the United States.

Loop Industries (LOOP) announced that its India joint-venture ELITe, formed in partnership with Ester Industries, has awarded the detailed engineering contract for its Infinite Loop India project to Toyo Engineering India (TOYO). This step follows the completion of front-end engineering design by Tata Consulting Engineers, and represents the final engineering phase ahead of construction. The contract will cover the full scope of detailed design, procurement engineering, and technical documentation. The Infinite Loop India manufacturing facility is strategically positioned to address demand in the packaging and textile sectors, designed with an annual production capacity of 70,000 metric tonnes of PET resin. The project is maintaining its anticipated construction timeline, with completion projected for end of 2027. The joint venture recently announced a multi-year offtake agreement signed with Nike, which is positioned as the facility's anchor customer. The overall Capital Expenditures for the project are trending below the $176M budget, including $5M in realized savings from land acquisition alone. The debt financing process led by KPMG in India is progressing well.

Toyo Co. announced that it has acquired the remaining 24.99% membership interest in its U.S. subsidiary, Toyo Solar LLC, making it a wholly owned subsidiary of the company. This transaction follows Toyo's recent strategic expansion into U.S.-based manufacturing and underscores the company's commitment to strengthening its presence in the American solar supply chain. Toyo Solar LLC is currently advancing the development of a 2.5GW solar module manufacturing facility in Texas.