TOYO secures $185.6 million in solar module supply agreements

TOYO Co., Ltd. (NASDAQ: TOYO) announced it has executed two master supply agreements with major U.S. solar energy developers for cumulative purchase orders totaling approximately $185.6 million.

The Tokyo-based solar manufacturing company will supply high-efficiency solar modules for commercial and utility-scale projects across Texas, New York and Maine. The modules will be deployed at multiple project sites to support utility-scale solar energy generation.

"Securing $185.6 million in cumulative new orders from two major U.S. renewable energy players is a validation of our operational credibility and commercial strategy," said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO.

TOYO stated that all modules delivered under these contracts will utilize the company's non-Chinese wafer sourcing channels. The production will be executed across TOYO's manufacturing facilities to support customer compliance requirements and align with domestic content and Foreign Entity of Concern compliance guidelines.

The company noted that revenue associated with the purchase orders will be recognized as physical product deliveries are completed, in accordance with GAAP revenue recognition standards.

TOYO describes itself as a solar manufacturing company committed to becoming a vertically integrated solar manufacturer, integrating upstream wafer and silicon production, midstream solar cell production, and downstream photovoltaic module production.

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