Acquisition of VSUN Brand
TOYO Co., Ltd. acquired the VSUN brand from Vietnam Sun Energy, aiming to streamline operations and accelerate growth. This acquisition is expected to reinforce market credibility and customer confidence.
Expansion of Solar Manufacturing Capacity
The new solar cell manufacturing facility in Ethiopia is operating at full 2 gigawatt capacity, with plans to double to 4 gigawatts by October 2025. This expansion provides a compelling cost structure and access to green power.
Increase in Solar Cell Shipments
Solar cell shipments increased to 1.6 gigawatts in the first half of 2025, up from 985 megawatts in the same period last year.
Cash Position Improvement
The company had approximately $30 million in cash and current restricted cash as of June 2025, compared to $15.1 million as of December 2024.