- TOYO Co. (TOYO, Financial) plans to double its Ethiopian production capacity from 2 GW to 4 GW.
- The expansion in Hawassa, Ethiopia is scheduled for completion by July 2025.
- Enhanced cooperation in renewable energy development with Ethiopia is underway.
TOYO Co. (Nasdaq: TOYO) recently hosted Ethiopian Prime Minister Abiy Ahmed Ali at its solar cell production facility located in Phu Tho Province, Vietnam. The visit, which took place on April 15, 2025, underscores an increasing strategic collaboration between TOYO and Ethiopia in the renewable energy sector. Prime Minister Abiy Ahmed was accompanied by a high-ranking ministerial delegation and local officials, including Mr. Nguyen Manh Son, Vice Governor of Phu Tho Province.
As part of the visit, Prime Minister Abiy Ahmed toured TOYO's state-of-the-art solar cell production line and acknowledged the company’s contributions to technological innovation and its strong presence in the global photovoltaic market. This visit is particularly significant as TOYO is currently in the process of expanding its Ethiopian facility in Hawassa. The expansion project aims to double the facility's capacity from 2 GW to 4 GW, with completion targeted for July 2025 and production expected to commence by August 2025.
The Ethiopian Prime Minister extended an invitation to Abalance Group, TOYO's parent company, to engage more deeply in Ethiopia's renewable energy development. This invitation includes participation in the construction of photovoltaic power plants, which aligns with Ethiopia’s national green energy ambitions and strives to solidify the country's commitment to sustainable energy solutions.
This strategic expansion and cooperation initiative offers TOYO a promising opportunity to cater to the rising global demand for solar energy solutions, while also strengthening its supply chain capabilities and reducing operational risks through diversification. The project exemplifies Ethiopia's dedication to harnessing renewable resources and positions TOYO to leverage its technological expertise to foster a clean energy future.
