TOYO Secures Strategic Polysilicon Supply with U.S. Manufacturer
TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF), a leading solar solutions company, has announced the signing of a significant sales contract with a U.S. polysilicon manufacturer. This deal aims to secure a consistent supply of domestically sourced polysilicon, which is crucial for TOYO's solar manufacturing operations. The agreement enhances TOYO's dual-source supply strategy by adding U.S.-sourced polysilicon to its existing overseas supplies, ensuring compliance with regulatory standards and stability for its production needs.
Details of the Agreement
Under the one-year sales contract, the Supplier will provide polysilicon produced in the United States. This initiative strengthens TOYO's capacity to meet the increasing demand within the U.S. solar market. The partnership signifies a robust and diversified polysilicon supply chain that will support TOYO's solar cell manufacturing in Ethiopia and module production in the United States.
Strategic Advantages of the Supply Agreement
- U.S. Polysilicon Supplier: The Supplier is acknowledged as the foremost polysilicon producer in the U.S., known for its scale and reliability.
- Domestic Supply Alignment: The domestic sourcing of polysilicon aligns with U.S. regulatory expectations, aiding TOYO's operational and market strategies.
- Resilient Supply Chain: By integrating U.S. polysilicon with existing non-Foreign Entity of Concern (FEOC) supplies, TOYO has established a robust dual-source supply chain to effectively meet rising U.S. solar demand.
- Support for Market Expansion: This agreement complements TOYO's ongoing investments in U.S. manufacturing capacity, contributing to its objective of becoming a major supplier in the American solar market.
Comments from Leadership
Junsei Ryu, CEO and Chairman of TOYO, stated, "Partnering with a leading polysilicon supplier in the U.S. gives TOYO a strategic advantage in building a robust and policy-aligned supply chain." He emphasized that this agreement enhances TOYO's U.S. expansion efforts by improving access to domestic materials, positioning the company to deliver cost-effective and sustainable solar solutions to the American market.
About TOYO Co., Ltd.
TOYO is committed to becoming a comprehensive solar solutions provider in the global market. The company integrates various stages of solar production, from upstream wafer and silicon production to midstream solar cells and downstream photovoltaic modules. TOYO is strategically positioned to manufacture high-quality solar cells at competitive scales and costs.
Forward-Looking Statements
This announcement includes forward-looking statements that involve certain risks and uncertainties. Actual results may differ from those projected as a result of various factors, including those discussed in TOYO's annual report on Form 20-F and subsequent filings with the U.S. Securities and Exchange Commission. TOYO disclaims any obligation to update these forward-looking statements unless required by law.
Contact Information
For inquiries regarding TOYO, please contact:
Crocker Coulson
Email: [email protected]
Tel: (646) 652-7185