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Monday, November 9, 2026

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TOYO Co., Ltd’s $TOYO strategy chief says full output at its Texas panel plant would bring in “about $140 million a year” of U.S. tax credits, 85.6% of its market cap, and $TOYO leaves them out of its forecasts. Regardless of how the four U.S. trade actions on its Ethiopian cells turn out, $TOYO’s answer is to make more in the U.S., which has plenty of panel capacity but few cell plants. The Solar Energy Industries Association’s October update counts 75.3 GW of operating U.S. module capacity, but $TOYO’s deck counts just 3.2 GW of operating U.S. cell capacity, citing SEIA’s September data, so most U.S. panel makers still rely on imported cells. Texas modules qualify for the Section 45X production credit, a U.S. tax credit earned on each unit of solar equipment made in the U.S. For modules, it’s $0.07/W at full value through 2029, then 75%, 50%, and 25% of full value in 2030-2032, and nothing after. $TOYO said on July 21 that its Texas subsidiary expects to be eligible to claim the credits for its 2025 tax year, which covers the plant’s first months of production. But Rhone Resch, $TOYO’s Chief Strategy Officer, said on the Q2 call that $TOYO will quantify the credits only after its tax, legal, and accounting work is done. For the panels themselves, $TOYO announced $185.6M of purchase orders under two master agreements with U.S. developers on June 10, and ~$240M of binding contracts signed “since mid-June” on September 28, with deliveries through H1 2027. The releases don’t say whether the two overlap, so to stay conservative, I only count the ~$240M. If priced like $TOYO’s H1 2026 module sales (~$0.25/W), ~$240M would be ~1 GW of panels, or ~6 months of the Texas plant’s 2 GW nameplate.

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