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Shares of TOYO Co., Ltd TOYO are on the rise Tuesday after the corporate introduced a $150 million contract to provide photo voltaic cells to a photo voltaic module producer. Here’s what that you must know.
What To Know: The contract, valued at $150 million, will see TOYO provide photo voltaic cells to the producer’s manufacturing services in India and the US. TOYO will use its manufacturing websites in Vietnam and Ethiopia to supply photo voltaic cells, to enhance the effectivity and efficiency of photo voltaic modules.
Junsei Ryu, CEO and Chairman of TOYO mentioned that the contract is crucial to determine TOYO as a key provider within the photo voltaic power market. The corporate goals to assist the photo voltaic module producer in assembly sustainability targets by offering superior photo voltaic cell know-how.
The corporate expects the settlement to extend its manufacturing capability and strengthen its place within the renewable power sector. The corporate is specializing in changing into a full-service supplier within the photo voltaic provide chain, masking the manufacturing of silicon wafers, photo voltaic cells and photovoltaic modules.
“We’re excited to associate with a extremely revered participant within the photo voltaic business,” mentioned Mr. Ryu. “This contract marks a significant milestone for positioning TOYO as a key provider within the photo voltaic power market. Our superior photo voltaic cells are designed to ship superior effectivity and efficiency, serving to our buyer meet their sustainability objectives and drive the adoption of photo voltaic power worldwide.”
TOYO Value Motion: Toyo Co. shares have been up 70.0% at $4.93 on the time of writing, in response to Benzinga professional.
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