Toyo (TOYO) announced it has agreed to acquire 100% of membership interests in Solar Plus Technology Texas located in Houston metropolitan area, Texas, via its subsidiary Toyo Solar LLC. Key Highlights: Facility details: The newly leased facility spans 567,140 square feet which we plan to accommodate 2.5 GW of solar module manufacturing capacity and further expand it to 6.5 GW by 2029. The factory construction of Phase 1 of the facility has been completed, and a portion of the required equipment will arrive by early 2025. Production timeline: The facility’s first 1 GW production is expected to commence by mid-2025. Production capacity is expected to be increased to 2.5 GW by the end of 2025, in anticipation of a strong order pipeline from U.S. customers. Strategic Impact: This acquisition aligns with TOYO’s mission to expand its footprint in the U.S. to be closer to the majority of its clients, meet the demand for American-made solar panels, and contribute to the growing demand for secure, sustainable energy solutions as demands on the grid continue to rise.
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