TOKYO, Nov. 26, 2024 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) ("TOYO" or the "Company"), a solar solution company, is pleased to announce the execution of a significant contract valued at $150 million to supply high efficiency solar cells to a prominent solar module manufacturer.  This landmark agreement underscores the Company's commitment to advancing sustainable energy and supporting the global transition towards renewable resources.

Under the terms of the agreement, TOYO will deliver its cutting-edge solar cells to support the customer's expanding solar module production both in India and in the U.S. The contract will enable TOYO to leverage its state-of-the-art manufacturing capabilities and innovative technologies both in Vietnam and Ethiopia to deliver premium solar cells that enhance the efficiency and performance of solar modules.

"We are excited to partner with a highly respected player in the solar industry," said Mr. Junsei Ryu, CEO and Chairman of TOYO. "This contract marks a major milestone for positioning TOYO as a key supplier in the solar energy market. Our advanced solar cells are designed to deliver superior efficiency and performance, helping our customer meet their sustainability goals and drive the adoption of solar energy worldwide."

This opportunity not only allows TOYO to expand its production capabilities but also reinforces its mission to provide high-quality solar products that meet the evolving needs of our customers. The agreement is expected to yield significant benefits, including increased capacity for production and a strengthened market position.

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.