TOYO sells 4.5 GW of cells from Ethiopia plant in 2025
TOYO Solar sold 4.5 GW of cells and roughly 250 MW of modules in 2025 as it ramped up production at several new facilities to supply the U.S. solar industry, according to preliminary fiscal year results released on Wednesday.
Last year was “transformative,” TOYO Chairman and CEO Takahiko Onozuka said in a statement.
The Tokyo-based manufacturer ramped up production at its cell plant in Ethiopia last year, reaching “full utilization” and surpassing expected sales of 4.2 to 4.4 GW. In October, the company announced the start of operations at its 1 GW solar module assembly plant in Texas. TOYO is pursuing 2.5 GW of capacity in the U.S.
“The rapid ramp of our Ethiopia cell facility has strengthened our position to meet rising demand for reliable, cost-effective solar solutions,” Onozuka said. “We are focused on further integration, innovation, and sustainable expansion to create long-term value for shareholders and stakeholders in the clean energy transition.”
As TOYO scales its global manufacturing presence, it has kept the U.S. market and renewable policies in view.
Established by the One Big Beautiful Bill last summer, new ‘foreign entity of concern’ (FEOC) restrictions took effect in January for clean energy tax credits, with red lines for the amount of ‘material assistance’ in a given project, and ‘effective control,’ or ownership, of companies.
A Section 232 investigation into the national security implications of imported polysilicon has been underway since last summer, and could result in widespread tariffs for any modules with Chinese or otherwise non-American polysilicon.
In August, TOYO acquired the VSUN brand from its “sister company.” In December, the company announced it had acquired the “remaining 24.99% membership interest” in its U.S. arm, making it a wholly owned subsidiary.
Former Chairman and CEO Junsei Ryu, at the time, said full ownership would strengthen the company’s operational control and reinforce “our commitment to delivering American-made solar solutions at scale.”
In January, the company announced a one-year strategic supply agreement with a U.S. polysilicon producer to ensure FEOC compliance. The feedstock will support the cell fabrication plant in Ethiopia and module assembly factory in Texas, TOYO said.