08:32 AM EST, 11/26/2024 (MT Newswires) -- Toyo (TOYO) said Tuesday that a $150 million contract to supply high-efficiency solar cells for a solar module manufacturer has been executed.

Under the terms of the deal, Toyo said it will deliver its solar cells to support its customer's solar module production in India and the US.

Toyo said it will use manufacturing facilities in Vietnam and Ethiopia to produce the solar cells.

The company said it expects the deal to increase its production capacity and strengthen its market position.

Toyo shares were soaring about 98% in recent premarket activity.