The latest news reveals that Japanese battery and module manufacturer Toyo Group has successfully acquired a photovoltaic manufacturing plant in Texas, USA. Through this acquisition, Toyo Group will establish a 2.5GW module production capacity in the region.
It is reported that Toyo Group completed the acquisition of 100% membership interests in Houston-based Texas Solar Plus Technology through its subsidiary Toyo Solar. The newly leased factory covers an area of 567,140 square feet, and Toyo Group plans to expand capacity to 6.5GW by 2029 in phases. Currently, the first phase of construction has been completed, and some equipment is scheduled to arrive at the new factory in early 2025.
According to Toyo Group’s plans, the nominal annual production capacity of the module factory will reach 1GW by mid-2025 and increase to 2.5GW by the end of 2025. To achieve this goal, Toyo Holdings, a subsidiary of Toyo Group, will invest nearly $20 million for the construction of the first phase of the Texas manufacturing plant. This move not only demonstrates Toyo Group’s emphasis on the US market but also showcases its robust strength in the global solar supply chain.
Junsei Ryu, Chairman and CEO of Toyo Group, said, “This acquisition marks an important step in Toyo’s strategy to establish a production base in the United States, which will complement our current manufacturing operations in Vietnam and Ethiopia.” It is reported that Toyo Group also announced plans last month to build a 2GW solar cell production plant in Ethiopia. The factory is expected to commence construction this month and commence production by the end of the first quarter of 2025. The cells produced at the Hawassa factory in Ethiopia will supply Toyo’s module factory in the US, forming a complete supply chain system.
When discussing future strategies, Junsei Ryu emphasized, “Our strategy is to provide advanced, highly reliable, and cost-competitive solar solutions for end-customers. We are committed to building a robust global solar supply chain structure to provide efficient and competitive services to the US market and other regions, adapting to the ever-changing policy environment.”
