Shares of TOYO Co., Ltd (NASDAQ:TOYO) are on the rise Tuesday after the company announced a $150 million contract to supply solar cells to a solar module manufacturer. Here is what you need to know.

What To Know: The contract, valued at $150 million, will see TOYO supply solar cells to the manufacturer's production facilities in India and the United States. TOYO will use its manufacturing sites in Vietnam and Ethiopia to produce solar cells, to improve the efficiency and performance of solar modules.

Junsei Ryu, CEO and Chairman of TOYO said that the contract is critical to establish TOYO as a key supplier in the solar energy market. The company aims to support the solar module manufacturer in meeting sustainability targets by providing advanced solar cell technology.

The company expects the agreement to increase its production capacity and strengthen its position in the renewable energy sector. The company is focusing on becoming a full-service provider in the solar supply chain, covering the production of silicon wafers, solar cells and photovoltaic modules.

"We are excited to partner with a highly respected player in the solar industry," said Mr. Ryu. "This contract marks a major milestone for positioning TOYO as a key supplier in the solar energy market. Our advanced solar cells are designed to deliver superior efficiency and performance, helping our customer meet their sustainability goals and drive the adoption of solar energy worldwide."

TOYO Price Action: Toyo Co. shares were up 70.0% at $4.93 at the time of writing, according to Benzinga pro.

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