TOKYO,Aug. 21,2024 --TOYO Co.,Ltd (Nasdaq: TOYO) ("TOYO" or the "Company"),a solar solution company,today announced the Company will ring the closing bell at the Nasdaq MarketSite in Times Square,New YorkonThursday August 22,2024.

"We are excited and honored to ring the bell to commemorate our recent listing," saidMr. Junsei Ryu,Chairman & CEO of TOYO CO.,Ltd. "At TOYO,we are committed to addressing environmental and energy challenges. As a proud Japanese company and a NASDAQ-listed firm,we are set to begin constructing our first U.S. factory later this year. By mid-next year,we aim to deliver locally produced solar panels across the United States. The concept behind our new factory is simple: "Made in America for America."

"This ceremony recognizes our Nasdaq listing as a Company milestone and symbolizing our team's accomplishments and our steadfast dedication to ongoing progress dedication to positioning the company for long-term growth.," concluded Junsei Ryu.

The live broadcast of the Nasdaq Closing Bell ceremony will begin at3:45 p.m. Eastern Time on Thursday,August 22,2024. To view the broadcast,visit:https://www.nasdaq.com/marketsite/bell-ringing-ceremony.

About TOYO

TOYO is a solar solution company and is committed to becoming a reliable full service solar solutions provider in the global market,integrating the upstream production of wafer and silicon,midstream production of solar cell,downstream production of photovoltaic modules,and potentially other stages of the solar power supply chain. TOYO is well positioned to produce high quality solar cells at a competitive scale and cost.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include,but are not limited to,statements regarding the expected growth of TOYO,the expected order delivery of TOYO,TOYO's construction plan of manufactures and strategies of building up integrated value chain in the U.S. . These statements are based on various assumptions,whether or not identified in this press release,and on the current expectations of TOYO's management and are not predictions of actual performance.

These statements involve risks,uncertainties,and other factors that may cause actual results,levels of activity,performance,or achievements to be materially different from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release,TOYO caution you that these statements are based on a combination of facts and factors currently known and projections of the future,which are inherently uncertain. In addition,there are risks and uncertainties described in the documents filed by TOYO from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties,including,among others,the outcome of any potential litigation,government or regulatory proceedings,the sales performance of TOYO,and other risks and uncertainties,including but not limited to those included under the heading "Risk Factors" of the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements,nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However,while TOYO may update these forward-looking statements in the future,there is no current intention to do so except to the extent required by applicable law. You should,therefore,not rely on these forward-looking statements as representing the views of TOYO as of any date subsequent to the date of this press release. Except as may be required by law,TOYO does not undertake any duty to update these forward-looking statements.

Contact Information:

For TOYO Co.,Ltd.

IR@toyo-solar.com

Crocker Coulson

Email: crocker.coulson@aummedia.org

Tel: (646) 652-7185