$TOYO Deep Dive 3

Even sophisticated TE Early birds don't properly understand a few insights about it's sexy cousin

I have huge respect for Daniel, S&J, and DVB and value their insights on TE massively. Cherish them as fellow investors. However, I think there are a few angles they might be overlooking. Let’s unpack them

Here Daniel mentioned that having whole domestic US supply chain is important.

TOYO’s been alleged to be trade loop hole extractor

DeepValueBagger is assuming that TOYO isn’t US production.

However, Even as seasoned/knowledgable these investors are on the Solar topic, here are my assessment and rebuttal on it

INSIGHT 1: TE literally doing the same as TOYO. Shipping their US polysilicon to Asia, converting it into cells and shipping it back

First lets start with what TE/T1 is actually doing with their OWN cells

- T1 Energy CEO Daniel Barcelo in Nov 2025 explicitly stated:

“Until we have our solar cell plant up and running, we currently are sending our polysilicon to Southeast Asia in order to make wafers and cells and then bring those cells back to the United States.”

Here is a timestamped video for when he said that.

So TE/T1 is literally doing what TOYO is doing and getting a lot of shit for it. Since TOYO has now shifted to Ethiopia, travel time there is still lesser than the South east partners of TE/T1

In the show it’s talked about how there are literally 1 or 2 GW of Solar cell capacity in the entire US. Just TE’s G1 capacity is 5GW of modules.

Recall how Solar modules are finally produced

Also, Remember that Tree Oaks collaboration told us that TE/T1 is aiming to be 70% US supply chain by end of 2027. That’s still 2 years away.

Conclusion: Even the American Solar TOP DAWG is doing exactly what TOYO is doing and aiming to be only 70% American by the end of 2027

I wrote 3 TE/T1 deep dives back in start of October. I have spent countless hours diving deep into the industry

INSIGHT 2: