Toyo Solar backs Section 232 solar tariff action, cites U.S. investments

TOYO Co., Ltd. (Nasdaq: TOYO; OTC: TOYWF), a Tokyo-based solar manufacturing company, issued a statement supporting a proclamation by President Trump under Section 232 of the Trade Expansion Act of 1962 targeting imports of polysilicon and downstream solar products.

The proclamation, which includes provisions intended to encourage domestic manufacturing investment, links favorable tariff treatment to verifiable U.S. investment, construction, and production commitments.

In a statement, TOYO Chairman and Chief Executive Officer Takahiko Onozuka said the company operates a 2-gigawatt module manufacturing facility in Houston and is investing $357 million in a heterojunction cell facility at its Texas solar manufacturing campus. Onozuka also said the company is advancing plans for a phased buildout of a U.S. solar supply chain connecting American polysilicon with domestic wafer, cell, and module manufacturing.

Chief Strategy Officer Rhone Resch said the company intends to engage with the Department of Commerce on an integrated manufacturing plan covering its existing U.S. operations, its heterojunction technology, and planned investments across the domestic solar supply chain.

TOYO said transitional cell production from its non-foreign entity of concern supply chain could help sustain American module manufacturing during a domestic buildout period.

You May Also Be Interested In

• Corning (GLW) files for up to $2B offering of common shares
• Cronos Group extends cannabis acquisition deadline to October 2026
• AstraZeneca's camizestrant fails primary endpoint in breast cancer trial