Toyo (TOYO) said Wednesday morning it plans to expand solar cell capacity in Ethiopia by building another 2 gigawatts of capacity in the country, doubling production capacity at the Hawassa facility.
Formal construction is expected to begin next month and conclude in July, with Toyo currently conducting equipment installation, testing and trial runs at the facility. The additional production is slated to start in August, Toyo said.
Toyo also said it was negotiating a lease for a 28,000-square-meter facility adjacent to its existing building in Hawassa. The existing infrastructure at the facility can support the phase 2 expansion, significantly reducing the time needed to complete the new project, the company said.
Toyo shares were climbing 3% in early trading.
Price: 3.10, Change: +0.09, Percent Change: +2.99
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