Acquires VSUN, TOYO Aims for 5Gigawatt Solar Panel Boom

In a significant move, TOYO Co., Ltd has announced the acquisition of the VSUN brand from its sister company, Vietnam Sunergy Joint Stock Company. This strategic move is expected to bolster TOYO's global presence and strengthen its market position.

The acquisition of the VSUN brand is viewed as a catalyst for long-term value creation by TOYO's Chairman and CEO, Junsei Ryu. By acquiring the VSUN brand, TOYO expects to further enhance its revenue base and expand its market presence, particularly in the U.S market.

The acquisition supports TOYO's strategic expansion into the U.S market, complementing its existing manufacturing footprint for solar cells in Vietnam and Ethiopia. TOYO's solar cell manufacturing strength and innovation roadmap, coupled with VSUN brand's global reach and customer trust, gives TOYO an edge in markets such as utility-scale modules requiring reliability, scale, and trade transparency.

VSUN Co, the company behind the VSUN brand, has been consistently listed as a Tier 1 solar module manufacturer by BloombergNEF (BNEF) since Q3 2019- Q2 2025. Over 8 GW of VSUN-branded solar modules have been delivered to the U.S. market since 2018. The VSUN brand is recognized and trusted by leading financial institutions and insured by Munich Re.

VSUN Co has supplied approximately 8 GW to the U.S utility-scale market since inception, establishing itself as a leading global brand with a strong track record of rapid growth and profitability. The brand's commitment to Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) management was recognised in 2024 when it received a Bronze Medal from EcoVadis. In 2024 & 2025, VSUN Co was recognised as the "Overall Highest Achiever" in the PV Module Index by the Renewable Energy Test Center (RETC).

The VSUN brand acquisition is a strategic move to streamline and unify operations of TOYO. Integrating VSUN brand with TOYO's manufacturing capabilities is expected to improve operational efficiencies and cost competitiveness. TOYO gains immediate access to a well-established customer base, including top-tier solar developers, through the acquisition of the VSUN brand.

VSUN Co was named a "Top Performer" by PV Evolution Labs (PVEL) for the fifth consecutive year in 2025. This recognition, along with the brand's consistent listing as a Tier 1 solar module manufacturer by BNEF, underscores the quality and reliability of VSUN's products.

TOYO owns and operates one of the largest non-Chinese N-type solar cell manufacturing bases globally. With the acquisition of the VSUN brand, TOYO is poised to make a significant impact in the solar industry, leveraging the strengths of both companies to drive growth and innovation.

The acquisition of the VSUN brand did not involve any issuance of new equity by TOYO, indicating a strategic move towards growth without diluting shareholder value. The acquisition of the VSUN brand from its previous owner, Mebi, marks a new chapter in the history of both companies, promising exciting opportunities for growth and success.