HOUSTON — Tokyo-based solar manufacturing company TOYO Co. Ltd. (NASDAQ: TOYO) has unveiled plans to expand its U.S. manufacturing platform by building a 1.5 gigawatt (GW) solar cell manufacturing facility that will be co-located at the company’s existing solar module site in metro Houston. The project is intended to create an integrated manufacturing hub that is expected to generate approximately 400 direct full-time manufacturing jobs.
The expansion represents a total projected capital investment of approximately $357 million. Engineering, facility design and procurement planning are underway, with full project completion and initial pilot production expected within 20 months. The project will be carried out in structured phases to ensure compliance with local regulatory frameworks and permitting timelines.
The facility will produce next-generation heterojunction (HJT) solar cells. Engineered for maximum yield, HJT cells utilize a technology that delivers an optimal temperature coefficient, ensuring high power production even in extreme heat, according to TOYO.
By co-locating the facility with its module operations, TOYO expects to achieve operational synergies, reduce localized logistics costs and shorten the production cycle.
“Expanding into domestic cell manufacturing is the natural next step in our commitment to creating an integrated onshore solar supply chain from polysilicon to panels,” says Takahiko Onozuka, chairman and CEO of TOYO.
Under current U.S. framework guidelines, domestic cell manufacturing qualifies for direct Advanced Manufacturing Production Credits, which provide 4 cents per watt for domestically produced solar cells. The full 1.5 GW capacity represents a potential annual benefit of up to $60 million in production tax credits.
TOYO’s stock price opened at $13.16 per share Wednesday, June 10, up from $3.30 one year ago, a nearly 300 percent increase.
— Kristin Harlow