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Japan's Toyo to produce solar cells in Ethiopia for United States plant

Japan's TOYO Co. Ltd on Monday stated it will develop a 2 gigawatt solar cell factory in Ethiopia that will provide dutyfree elements to a panel factory it is preparing in the United States.

WHY IT is essential

TOYO's investment in Hawassa, Ethiopia, comes amid growing concerns over new U.S. tariffs on photovoltaic panels from 4 Southeast Asian countries. TOYO currently produces its solar items in Vietnam, one of the nations subject to the responsibilities.

KEY QUOTE

We are enjoyed embark on this enthusiastic project, which will enable us to rapidly scale up solar cell production to meet the needs of our planned module facility in the United States, Junsei Ryu, CEO of TOYO, stated in a declaration.

CONTEXT

U.S. trade officials this month set preliminary tariffs on solar batteries and panels from Malaysia, Vietnam, Thailand, and Cambodia. Producers in those nations, U.S. solar producers argue, get generous aids that threaten President Joe Biden's goal to improve domestic production of tidy energy innovations.

TOYO's brand-new center will be tactically positioned in Ethiopia, which is exempt from a U.S. tariff on popular double-sided panels. The business stated last month that it was in the lasts of negotiations to construct a 2 GW panel factory in the United States.

BY THE NUMBERS

The approximated financial investment for the task is $60 million, and the brand-new facility is anticipated to produce as much as 880 jobs. The factory is expected to begin production by the end of the first quarter of 2025.

(source: Reuters)