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Solar company acquires Houston manufacturer to expand production capacity, meet growing demand

M&A moves

Included in the deal, is the newly leased facility that spans 567,140 square feet and can accommodate 2.5 gigawatts of solar module manufacturing capacity. Photo via Pixabay

Solar solution company TOYO Solar announced it has agreed to acquire 100 percent of membership interests in Houston area’s Solar Plus Technology Texas LLC.

Included in the deal, is the newly leased facility that spans 567,140 square feet and can accommodate 2.5 gigawatts of solar module manufacturing capacity. The goal is to expand it to 6.5 gigawatts by 2029. TOYO Solar LLC will make a capital contribution of $19.96 million to TOYO Solar LLC.

"By acquiring Solar Plus, we will accelerate our development and leverage our team's proven manufacturing excellence, as well as the extensively established customer relationships and the brand of our sister company, Vietnam Sunergy, a Tier 1 Bloomberg NEF solar manufacturer," Junsei Ryu, chairman and CEO of TOYO, says in a news release. "We are confident that our expansion in the U.S. will effectively deliver a comprehensive solar technology solution, addressing bottlenecks for developers, meeting local content requirements for U.S. solar projects, and enhancing TOYO's competitive advantage."

The factory construction of Phase 1 has been completed, and equipment will begin to arrive by early 2025.The facility's first 1 gigawatts production is expected to commence by mid-2025 with production capacity increasing to 2.5 gigawatts by the end of 2025 according to the company.

As the demand for American-made solar panels continues amid grid reliability issues in Texas, TOYO hopes it can help with its sustainable energy solutions after having success in Vietnam and Ethiopia.

"Our strategy is to supply end customers with solar solutions that are technologically advanced, highly reliable, and cost competitive,” Ryu says in the release. “We are committed to building a robust global solar supply chain structure that efficiently and competitively serves the U.S. market and other regions, adapting to a dynamic policy environment.”

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Chevron CEO touts biofuels as part of its renewable energy efforts

Betting on biofuels

As Chevron Chairman and CEO Mike Wirth surveys the renewable energy landscape, he sees the most potential in biofuels.

At a recent WSJ CEO Council event, Wirth put a particular emphasis on biofuels—the most established form of renewable energy—among the mix of low-carbon energy sources. According to Biofuels International, Chevron operates nine biorefineries around the world.

Biofuels are made from fats and oils, such as canola oil, soybean oil and used cooking oil.

At Chevron’s renewable diesel plant in Geismar, Louisiana, a recent expansion boosted annual production by 278 percent — from 90 million gallons to 340 million gallons. To drive innovation in the low-carbon-fuels sector, Chevron opened a technology center this summer at its renewable energy campus in Ames, Iowa.

Across the board, Chevron has earmarked $8 billion to advance its low-carbon business by 2028.

In addition to biofuels, Chevron’s low-carbon strategy includes hydrogen, although Wirth said hydrogen “is proving to be very difficult” because “you’re fighting the laws of thermodynamics.”

Nonetheless, Chevron is heavily invested in the hydrogen market:

As for geothermal energy, Wirth said it shows “some real promise.” Chevron’s plans for this segment of the renewable energy industry include a 20-megawatt geothermal pilot project in Northern California, according to the California Community Choice Association. The project is part of an initiative that aims to eventually produce 600 megawatts of geothermal energy.

What about solar and wind power?

“We start with things where we have some reason to believe we can create shareholder value, where we’ve got skills and competency, so we didn’t go into wind or solar because we’re not a turbine manufacturer installing wind and solar,” he said in remarks reported by The Wall Street Journal.

In a September interview with The New York Times, Wirth touched on Chevron’s green energy capabilities.

“We are investing in new technologies, like hydrogen, carbon capture and storage, lithium and renewable fuels,” Wirth said. “They are growing fast but off a very small base. We need to do things that meet demand as it exists and then evolve as demand evolves.”

Houston robotics company partners with Marathon Petroleum to scale fleet

robot alliance

Houston- and Boston-based Square Robot Inc. has announced a partnership with downstream and midstream energy giant Marathon Petroleum Corp. (NYSE: MPC).

The partnership comes with an undisclosed amount of funding from Marathon, which Square Robot says will help "shape the design and development" of its submersible robotics platform and scale its fleet for nationwide tank inspections.

“Marathon’s partnership marks a major milestone in our mission to transform industrial tank inspection,” David Lamont, CEO of Square Robot, said in a news release. “They recognize the proven value of our robotic inspections—eliminating confined space entry, reducing the environmental impact, and delivering major cost efficiencies all while keeping tanks on-line and working. We’re excited to work together with such a great company to expand inspection capabilities and accelerate innovation across the industry.”

The company closed a $13 million series B last year. At the time of closing, Square Robot said it would put the funding toward international expansion in Europe and the Middle East.

Square Robot develops autonomous, submersible robots that are used for storage tank inspections and eliminate the need for humans to enter dangerous and toxic environments. Its newest tank inspection robot, known as the SR-3HT, became commercially available and certified to operate at a broader temperature range than previous models in the company's portfolio this fall.

The company was first founded in the Boston area in 2016 and launched its Houston office in 2019.

$3B acquisition of hazardous waste co. tops latest energy news to know

Trending news

Editor's note: The top energy transition news for the month includes Veolia's $3 billion Clean Earth acquisition and ERCOT's new $9.4 billion project. Here are the five most-read EnergyCapitalHTX stories from December 1-16, 2025:

1. Hazardous waste company with Houston presence to make $3B acquisition

Veolia will acquire Clean Earth. Photo courtesy of Veolia/LinkedIn

Veolia, a Boston-based company with major operations in Texas, is purchasing hazardous-waste company Clean Earth from Enviri as part of a $3 billion deal. Veolia is a private water operator, technology provider and hazardous waste and pollution treatment company that operates a large hazardous waste treatment and incineration facility in Port Arthur. Hazardous waste treatment is a growing sector as the clean energy, semiconductor manufacturing, healthcare and pharmaceutical industries generate high levels of waste that need to be handled safely. Continue reading.

2. Federal judge strikes Trump order blocking wind energy development

A federal judge has thrown out President Trump's executive order blocking wind energy development, calling it 'arbitrary and capricious.' Photo by Moritz Lange via Unsplash.

In a win for clean energy and wind projects in Texas and throughout the U.S., a federal judge struck down President Donald Trump’s “Day One” executive order that blocked wind energy development on federal lands and waters, the Associated Press reports. Judge Patti Saris of the U.S. District Court for the District of Massachusetts vacated Trump’s executive order from Jan. 20, declaring it unlawful and calling it “arbitrary and capricious.” Continue reading.

3. Air Liquide and Hyundai ink partnership to scale hydrogen economy

Air Liquide and Hyundai agreed to expand hydrogen refuelling networks, storage capacity and more at a meeting in Seoul last week. Photo courtesy Air Liquide.

Air Liquide, which maintains its U.S. headquarters in Houston, and South Korea-based Hyundai Motor Group are expanding their strategic partnership to accelerate the growth of the global hydrogen ecosystem. The renewal of the companies’ Memorandum of Understanding (MoU) was announced at the Hydrogen Council CEO Summit in Seoul last week. Together, the companies will work to scale hydrogen production, storage, transportation and utilization across Europe, Korea and the United States with a concentration on heavy-duty transport, logistics and public transportation. Continue reading.

4. ERCOT approves $9.4B project to improve grid, meet data center demand

ERCOT plans to build a “super highway” of new transmission lines to boost grid reliability. Photo via Getty Images

The Electric Reliability Council of Texas, which manages the electric grid for 90 percent of Texans, is undertaking a $9.4 billion project to improve the reliability and efficiency of statewide power distribution. The initiative comes as ERCOT copes with escalating demand for electricity from data centers and cryptocurrency-mining facilities. Continue reading.

5. Reliant partners to expand Texas virtual power plant and home battery use

Reliant is offering new incentives to boost NRG's virtual power plant network in Texas. Photo via goodleap.com.

Houston’s Reliant and San Francisco tech company GoodLeap are teaming up to bolster residential battery participation and accelerate the growth of NRG’s virtual power plant (VPP) network in Texas. Through the new partnership, eligible Reliant customers can either lease a battery or enter into a power purchase agreement that incentivizes users by offering monthly performance-based rewards for contributing stored power to the grid. Continue reading.

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