Toyo Solar unveiled plans to open a 2 GW photo voltaic panel manufacturing unit within the United States and filed for $100 million for a future tunnel oxide passivated contact (TOPCon) photo voltaic cell facility.
From pv journal USA
Based in Japan Toyo Solar mentioned it plans to open a 2 GW photo voltaic module manufacturing plant within the United States. The plan contains expansions to extend cell and wafer manufacturing sooner or later.
The firm mentioned it plans to boost $100 million to help the manufacturing unit. It expects a 70% return-on-investment within the first 12 months of full manufacturing, based mostly on US Inflation Reduction Act (IRA) incentives and anticipated income. IRA provides $12 per sq. meter for photo voltaic wafers, $0.04/W for photo voltaic cells, and $0.07/W for photo voltaic modules.
Toyo Solar forecasts a $0.60/W revenue for 1.4 GW of manufacturing within the first 12 months of operation, resulting in an $84 million return, in line with a firm presentation. It is predicted to start manufacturing of photo voltaic modules within the US in mid-2025, adopted by manufacturing of photo voltaic cells within the US within the first half of 2026. The timeline for the development of a wafer-slicing facility within the US has not been decided. .
“Toyo owns one of many largest, non-Chinese N-type cell manufacturing bases on the planet,” Toyo Solar mentioned. “In the primary six months of 2024, 985 MW Toyo cells have been used primarily to energy initiatives based mostly within the US.”
Toyo Solar manufactures TOPCon photo voltaic cells, which carry out effectively in low-light situations with a relative conversion effectivity of ≥ 97% beneath 200 W per sq. meter. These cells supply a excessive entrance conversion effectivity of ≥ 25.3% and a bifacial effectivity of about 85% with respect to the entrance face.
In the primary six months of 2024, Toyo Solar had 3 GW of producing capability, shipped 986 MW of photo voltaic cells, and posted $19.6 million in web earnings.
The firm went public within the United States after the mix of Vietnam Sunergy Cell Co., a completely owned subsidiary of Toyo, and Blue World Acquisition Corp. .
Toyo Solar mentioned it plans to combine the VSUN model, credentials, and US gross sales channels into its personal model as soon as mass manufacturing begins at its US facility.
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