TOYO Co., Ltd Announces Plans For A 2 GW Solar Cell Manufacturing Facility In Ethiopia; The Project Represents An Estimated Investment Of $60M And Will Be Financed Using Internal Resources And Pre-Payments.

 TOYO Co., Ltd (NASDAQ:TOYO) ("TOYO" or the "Company"), a solar solution company, is excited to announce its plan to establish a state-of-the-art solar cell manufacturing facility with an expected annual capacity of 2 gigawatts (GW). The Company has signed a lease agreement for the new facility that is strategically located in Hawassa, Ethiopia, taking advantage of the country's favorable investment policies, tariff status, and ample hydropower supply.

The project represents an estimated investment of $60 million and will be financed using internal resources and pre-payments.