Toyo Spending $357M on Houston Factory Expansion

Toyo Co. will add 1.5 gigawatts of production capacity at its existing Houston-area site, investing $357 million. The new investment is to make solar cells, a component of solar modules.

Toyo said the project will create about 400 new jobs at the facility. The Houston Business Journal reports that last year the company launched its first assembly line. For its solar module manufacturing facility, Toyo leased 567,140 square feet at 6115 Greens Road. In 2022, Lovett Industrial built a 567,140-square-foot facility at that location, called the Nexus North Logistics Park. The company will pay an average of $4.6 million in rent over the ten-year term.

Toyo is working to take advantage of advanced manufacturing production tax credits that were enacted under the Inflation Reduction Act. The company said for 1.5 GW of domestically produced solar cells, the tax benefit comes out to about $60 million.