TOKYO, March 11, 2025 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC:TOYWF) ("TOYO" or the "Company"), a solar solution company, is pleased to announce that it recently welcomed a delegation from Ethiopia's Industrial Park Development Corporation (IPDC) and Ethiopia's Ambassador to Japan and its facilities in Vietnam. The visit followed the delegation's participation in the Japan-India- Africa Business Forum held in Japan on February 26, 2025.
TOYO is currently constructing a 2 GW solar cell manufacturing plant within Ethiopia's IDPC industrial park. This plant is scheduled to commence production by the end of this month, further contributing to local economic development and job creation.
The meeting at TOYO's headquarter in Japan and its facilities in Vietnam highlighted the potential for further collaboration in establishing a robust solar supply chain. TOYO's expertise in solar cell manufacturing and sustainable manufacturing aligns with Ethiopia's goals of enhancing its industrial infrastructure while promoting environmental sustainability.
"We are grateful for the Ethiopian government's supportive business environment and commitment to renewable energy," said Mr. Junsei Ryu, CEO and Chairman of TOYO. "The local authorities have been very responsive and proactive in resolving issues related to the building, fitting out, and logistics for our world-class facility. In addition, the access to abundant green power makes Ethiopia an excellent location for customers concerned with the total carbon footprint of their solar equipment. Our partnership has boosted our efficiency, aligned with our sustainability goals, and reinforced our confidence in Ethiopia as a hub for sustainable growth."
"We highly value TOYO for its commitment to sustainable investments in Ethiopia, driving economic growth and supporting our climate change mitigation efforts," said Mr. Feseha Yetagesu, CEO of IPDC. "We were very impressed with TOYO's state-of-the-art and efficient facilities in Vietnam and we look forward to continued collaboration in building a greener future and fostering an environmentally conscious business environment."
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.
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