TOYO Co., Ltd

TOYO Solar is an early-stage company incorporated in November 2022, focused on green and clean energy. The company was formed to separate solar cell and module production from VSUN, a subsidiary of Fuji Solar. TOYO Solar aims to be an integrated solar solutions provider in the United States and globally, covering wafer and silicon production (upstream), solar cell production (midstream), and photovoltaic (PV) module production (downstream), with potential expansion into other supply chain stages. The company is headquartered in Japan. TOYO Solar operates two solar cell plants. One plant is located in Vietnam, Southeast Asia, and commenced commercial production in the second half of 2023, achieving its full 2GW annual capacity. This plant utilizes automatic guided vehicles (AGVs) and TOPCon technology. The second solar cell plant is in Hawassa, Ethiopia, and began production in April 2025 with a 2GW capacity, expanding to 4GW in August 2025. TOYO Solar plans to fully utilize its annual solar cell production capacity from both Vietnam and Ethiopia. The company also collaborates with original equipment manufacturers (OEMs) to fulfill additional orders. TOYO Solar supplies its solar cells under the "TOYO Solar" brand to its affiliate VSUN and a select group of PV module manufacturers.