First Solar and Toledo Solar Settle Lawsuit

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Sep 27, 2023, 17:29 ET

PERRYSBURG, Ohio, Sept. 27, 2023 /PRNewswire/ -- Toledo Solar Inc. (Toledo Solar) announces that First Solar, Inc. (First Solar) and Toledo Solar have reached a mutually agreeable settlement of First Solar's lawsuit against Toledo Solar. The terms of the settlement will remain confidential.

On behalf of Toledo Solar, newly elected Chairman Sean Fontenot stated, "We appreciate First Solar's understanding and quick resolution of this matter stemming from the unfortunate actions taken by the company's prior management team. The Company is now operating well under new management. We look forward to continuing to work alongside First Solar as the anchor manufacturers of the US-MAC and CTAC consortia to strengthen U.S. leadership in strategic domestic manufacturing of Cadmium Telluride-based solar panels."

In addition, Fontenot noted that Toledo Solar is changing its strategic direction to focus on technologies to hardened solar panels for geographies with the most significant heat and humidity and harsh weather environments such as hurricanes, tornadoes, and hail. The company will also accelerate its efforts to develop technology in the creation of high-powered semi-transparent solar panels for use as windows in buildings, greenhouses, and semi-transparent canopies for agricultural fields.

About Toledo Solar

Toledo Solar is an early-stage manufacturer of state-of-the-art American Made Cadmium Telluride solar modules for the residential, commercial, and industrial markets. Inquires can be sent to [email protected] and will be responded to as soon as possible.

SOURCE Toledo Solar Inc