Toyo (TOYO) said Tuesday that production at its new manufacturing facility in Ethiopia started in early April.
The company said it expects to deliver over 80 megawatts of solar cells to customers by the end of the month. Production is set to ramp up in May and June, with the Ethiopian plant reaching a monthly output capacity of 150 to 200 megawatts, Toyo said.
The company also announced plans to expand the facility's total production capacity to 4 gigawatts, driven by external customer demand and internal needs from its new solar module facility in Houston, Texas.
Shares were 2.7% higher in recent trading activity.
Price: 2.84, Change: +0.08, Percent Change: +2.72
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