TOYO Snaps Up VSUN, Targets 5GW Solar Module Blast

TOKYO, Sept. 4, 2025 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF), ("TOYO" or the "Company"), a solar solution company, today announced the acquisition of the VSUN brand from its sister company, Vietnam Sunergy Joint Stock Company ("VSUN Co"), a solar module provider. This strategic acquisition reflects the ongoing efforts of shareholders and management of TOYO, to streamline and unify operations of TOYO by consolidating the VSUN brand under TOYO to enhance its shareholder value.

VSUN Brand at a Glance: VSUN Co and TOYO are sister companies not only because of the common control under a majority shareholder Abalance Corporation, but also because of extensive business collaboration. Acquisition of VSUN brand will accelerate the growth and expansion of TOYO to a new level. Since 2018, over 8 GW of VSUN-branded solar modules have been delivered to the U.S. market. This reflects a strong customer base, proven bankable technology, and a track record of success in utility-scale deployments. Recognized and trusted by leading financial institutions and insured by Munich Re, the VSUN brand further enhances TOYO's market credibility and customer confidence, as well as its widespread adoption by leading solar developers. To illustrate, VSUN brand is well recognized in the market through the recent awards granted to VSUN Co as the following:

• PVEL "Top Performer" (2021-2025): VSUN Co was named a "Top Performer" by PV Evolution Labs (PVEL) for the fifth consecutive year in 2025 based on rigorous testing in areas like Thermal Cycling, Damp Heat, and Potential Induced Degradation.
• BloombergNEF (BNEF) Tier 1 PV Module Manufacturer (Q1 & Q2 2025): VSUN Co has been consistently listed as a Tier 1 solar module manufacturer by BloombergNEF (BNEF) since Q3 2019- Q2 2025 (excluding Q4 2023 and Q1 2024) in rankings, recognizing their manufacturing capacity, market performance, product quality, financial stability, and project execution.
• RETC "Overall Highest Achiever" (2024&2025): VSUN Co was recognized as the "Overall Highest Achiever" in the PV Module Index by the Renewable Energy Test Center (RETC) in 2024 & 2025, respectively, for its performance in reliability, performance, and quality based on testing that exceeds IEC standards.
• EcoVadis Bronze Medal (2024): VSUN Co received a Bronze Medal from EcoVadis in 2024 for four consecutive years from 2021 for its Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) management, particularly in the areas of Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.

The acquisition of VSUN brand did not involve any issuance of new equity by TOYO.

Strategic Benefits of the Acquisition:

• Leverage Established Brand and Sales Channels: Through the acquisition of the VSUN brand, TOYO gains immediate access to a well-established customer base, including top-tier solar developers, and is well-positioned to meet increasing demand for US solar panels.
• Accelerated U.S Market Expansion: The acquisition supports TOYO's strategic expansion into the U.S market, complementing its existing manufacturing footprint for solar cells in Vietnam and Ethiopia.
• Revenue Growth and Market Share: VSUN Co has established itself as a leading global brand with a strong track record of rapid growth and profitability, having supplied approximately 8 GW to the U.S utility-scale market since inception. This success has been primarily driven by the U.S. market. By acquiring the VSUN brand, TOYO expects to further enhance its revenue base and expand its market presence.
• Operational Synergies and Manufacturing Excellence: TOYO owns and operates one of the largest non-Chinese N-type solar cell manufacturing bases globally, boasting proven manufacturing excellence with scalable, quality-controlled production. Integrating VSUN brand with TOYO's manufacturing capabilities is expected to improve operational efficiencies and cost competitiveness in a dynamic policy environment.

"We view this as a catalyst for long-term value creation," said Junsei Ryu, Chairman and CEO of TOYO. "TOYO's solar cell manufacturing strength and innovation roadmap coupled with VSUN brand's global reach and customer trust gives us an edge in markets such as utility-scale modules requiring reliability, scale, and trade transparency."