TOYO Co. Ltd (NASDAQ: TOYO), a solar solution company, said on Tuesday that it had secured a $150 million contract to supply high efficiency solar cells to a leading solar module manufacturer.
Under the agreement, TOYO is to supply its cutting-edge solar cells to support the client’s expanding solar module production in both India and in the United States.
“We are excited to partner with a highly respected player in the solar industry,” Junsei Ryu, CEO and Chairman of TOYO, said in a press release.
“This contract marks a major milestone for positioning TOYO as a key supplier in the solar energy market. Our advanced solar cells are designed to deliver superior efficiency and performance, helping our customer meet their sustainability goals and drive the adoption of solar energy worldwide.”
Stock Performance
The shares of TOYO Co. Ltd (TOYO) closed 86.55% ($2.51) higher at $5.41 on Nasdaq on Tuesday, as they extended the gains from the previous two market sessions.
The stock registered its best single-session performance since its listing in March 2022.
The company’s total market cap now stands at $239.873 million.
The shares of TOYO Co. Ltd (TOYO) went up 8.04% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 50.91% so far this year.
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