TOYO Stock Rockets To Over 2-Month High On $150M Solar Cell Supply Deal: Retail Sentiment Electrified
The news comes just a day after TOYO disclosed plans to acquire 100% membership interests in Solar Plus Technology Texas.
FollowTOYO Co. ($TOYO) shares surged nearly 70% on Tuesday, reaching levels last seen in early September, after the company announced a $150 million contract to supply high-efficiency solar cells to a major solar module manufacturer.
The contract will enable TOYO to deliver solar cells to support the customer’s expanding production in India and the U.S., leveraging its manufacturing facilities in Vietnam and Ethiopia.
The news also pushed TOYO to the top 10 trending symbols on Stocktwits, with retail sentiment turning ‘extremely bullish.’
Several posts highlighted optimism about the contract’s impact on TOYO’s growth prospects.
https://stocktwits.com/Dxark/message/594144257
https://stocktwits.com/SWIMHOLE/message/594140629
On Monday, TOYO disclosed plans to acquire 100% membership interests in Solar Plus Technology Texas, based in the Houston metropolitan area, via its subsidiary Toyo Solar LLC.
The facility spans 567,140 square feet and is set to accommodate up to 6.5 GW of solar module manufacturing capacity by 2029, with the first 1 GW production expected to commence by mid-2025.
The acquisition aligns with TOYO’s mission to expand its U.S. footprint and meet the rising demand for American-made solar panels.
TOYO recently provided updates on its financial performance:
2024 Projections: Shipments of 1.7-1.8 GW and a net income of approximately $10 million, reflecting reduced U.S. deliveries due to anti-dumping investigations.
2025 Guidance: Anticipated shipments of 3.5 GW and net income of $33 million, driven by expanded operations and robust utility-scale demand.
TOYO has gained over 110% since its public debut via a SPAC merger in July, signaling strong investor confidence in its growth strategy within the renewable energy sector.
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