Toyo introduced it has leased a 567,140 ft2 facility within the metro-area of Houston, Texas, to determine a 2.5-GW photo voltaic panel meeting facility. Toyo is affiliated with Vietnam Sunergy (VSUN).
The Humble facility on Google Maps.
The power in Humble, Texas, has already been constructed and was beforehand owned by Photo voltaic Plus Know-how Texas LLC. No different info on the enterprise is out there, however Toyo mentioned it has acquired a 100% stake in Photo voltaic Plus, together with the constructing. Photo voltaic panel meeting tools ought to arrive to Texas in early 2025, and the primary 1 GW of manufacturing ought to begin by mid-2025. Toyo ultimately wish to broaden to six.5 GW of manufacturing by 2029.
“This acquisition marks a major step in Toyo’s technique to determine a producing footprint within the U.S., complementing our present manufacturing presence in Vietnam and Ethiopia,” mentioned Junsei Ryu, Chairman and CEO of Toyo. “By buying Photo voltaic Plus, we are going to speed up our improvement and leverage our workforce’s confirmed manufacturing excellence, in addition to the extensively established buyer relationships and the model of our sister firm Vietnam Sunergy.”
Toyo first introduced plans to broaden into the US on an earnings call earlier this 12 months. The corporate’s operations in Vietnam have been affected by the antidumping/countervailing obligation investigations happening now by the Commerce Dept. Ryu mentioned that the measures focused towards firms working in Southeast Asia led the corporate to speed up plans to construct out its U.S. manufacturing presence.
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