Signatures collected since mid-June now add up to $240 million. TOYO’s entire market value is smaller than that. Elsewhere, a Chilean copper miner’s equipment arm wants triple the factory space, and a solar tracker supplier carrying a going-concern warning signed up with Hitachi Energy.
TOYO Signs $240 Million in Binding US Solar Module Supply Deals
TOYO Co., Ltd. (Nasdaq: TOYO) announced on September 28 that it has signed multiple binding solar module supply agreements worth about $240 million since mid-June. Deliveries have already started and run through the first half of 2027.
Buyers span utility-scale, commercial and industrial, community solar, and data-center projects. TOYO did not name them.
The modules come out of TOYO’s Houston plant: about 2 GW of annual capacity, roughly 600 workers. Chief Strategy Officer Rhone Resch called the deals a shift from building capacity to converting it into contracted business.
Market data cited by Panabee puts TOYO’s market cap near $174 million, below the contract total. The release flags trade, tariff, and Foreign Entity of Concern rules, which limit US tax credits for products tied to certain foreign governments, as risks to delivery.
Battery Mineral Resources’ ESI Plans to Triple Its Phoenix Footprint
Battery Mineral Resources Corp. (TSXV: BMR; OTCQB: BTRMF) runs the Punitaqui copper mine in Chile. Its news came from Arizona.
The company said on September 29 that its ESI Energy Services subsidiary is finalizing a new Phoenix facility that would roughly triple ESI’s manufacturing footprint. Equipment installation is slated to start in December, with full operation expected early in the second quarter of 2027. The lease is not signed yet.
ESI, which operates as Ozzies, builds and leases specialized equipment for solar, wind, utility, and oil and gas projects. First-half revenue rose 51% to about C$16.4 million, figures the company had already reported. Adjusted EBITDA, a non-IFRS measure, more than doubled to C$6.6 million from C$3.2 million.
CEO Laz Nikeas credited energy infrastructure spending and AI data center growth, and said a new commercial banking partner supports the expansion plans.
FTC Solar Signs MoU With Linxon and Hitachi Energy
FTC Solar, Inc. (Nasdaq: FTCI) signed a memorandum of understanding with Linxon and Hitachi Energy on September 29 to jointly pursue utility-scale solar and battery storage projects in North America and other agreed markets. Linxon leads engineering, procurement, and construction. Hitachi Energy supplies inverters, battery power conversion, and controls. FTC Solar brings trackers and racking.
No dollar value, project list, or purchase commitment was disclosed.
The balance sheet is the harder read. At June 30, FTC Solar’s second-quarter 10-Q showed $10.1 million in unrestricted cash against a $30.3 million stockholders’ deficit. It missed its minimum cash and tracker margin covenants for the quarter. Lenders granted a limited waiver on August 4, and all credit-agreement debt now sits in current liabilities. Management concluded there is substantial doubt about the company’s ability to continue as a going concern.
The same filing set a $5.0 million principal repayment for September 30 and a $50.0 million revenue covenant for the third quarter. Second-quarter revenue was $26.2 million. A $20.0 million equity line with Lincoln Park Capital, signed in August, lets the company sell shares for cash, which would dilute existing holders.
The stock carries a market cap near $34 million and a 52-week range of $1.99 to $12.75.
TOYO, BMR, FTCI: Forward-Looking FAQ
In reported revenue, as deliveries continue through the first half of 2027. TOYO has not disclosed per-customer volumes or pricing, so quarterly results are the first public check on whether the contracts convert on schedule.
ESI has to finalize the lease and related arrangements. If that closes, installation and relocation are expected to start in December 2026, with full operation in early Q2 2027.
It would likely need another waiver or amendment from its lenders, as it did in March and August. The 10-Q says future covenant compliance is uncertain and names lender-approved delayed-draw loans and the Lincoln Park equity line as possible sources of liquidity.
Sources
- SEC EDGAR / TOYO Co., Ltd. Form 6-K: TOYO Announces Approximately $240 Million in Binding U.S. Solar Module Supply Agreements Through First Half of 2027, September 28, 2026
- Panabee: TOYO Secures $240 Million in U.S. Solar Supply Agreements (market capitalization reference), September 2026
- Newsfile / Stockhouse: Battery Mineral Resources Provides ESI Performance and Manufacturing Expansion Update, September 29, 2026
- GlobeNewswire / FTC Solar: Linxon, Hitachi Energy and FTC Solar Announce Strategic Collaboration to Accelerate Utility-Scale Renewable Energy and Grid Infrastructure Development, September 29, 2026
- SEC EDGAR / FTC Solar, Inc. Form 10-Q for the quarter ended June 30, 2026, filed August 5, 2026
- AD HOC NEWS: FTC Solar stock secures a strategic solar partnership (market capitalization and 52-week range reference), September 30, 2026
Editorial Disclosure
This roundup is based entirely on publicly available information including press releases, SEC filings, and third-party market reporting. Securities discussed: TOYO Co., Ltd. (Nasdaq: TOYO; OTC: TOYWF), Battery Mineral Resources Corp. (TSXV: BMR; OTCQB: BTRMF), and FTC Solar, Inc. (Nasdaq: FTCI). aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party, and no staff member or principal of aktiego.com holds a position in any security mentioned as of publication.
TOYO: customers undisclosed; contract value as reported by the company.
Battery Mineral Resources: Phoenix facility lease not finalized; Adjusted EBITDA is a non-IFRS measure; ESI also serves oil and gas customers.
FTC Solar: substantial doubt about ability to continue as a going concern per Q2 2026 Form 10-Q; stockholders’ deficit of $30.3 million at June 30, 2026; Q2 covenant breaches waived on a limited basis; all credit-agreement debt classified as current; equity line of credit may dilute shareholders; MoU discloses no financial terms or purchase commitments.
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