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SEOUL, S.KOREA, Dec 22, 2009 - (ACN Newswire) - LG Electronics (LG) announced today the launch of a new busi-ness initiative with the unveiling of a solar cell production line in Gumi, about 200 kilometers southeast of Seoul. The production line will enable LG to manufacture approximately half a million solar modules a year with a total capacity of 120-megawatts (MW), the equivalent en-ergy needs of 40,000 homes annually.
The line, which will produce silicon wafer-based crystalline solar cells, will begin production next month. A second line will follow in 2011 increasing total output to 240MW on LG's invest-ment of USD 220 billion.
"LG intention is to become a global player in the world's solar industry through a combination of our mass production expertise and strict quality control system," said Kwan-shik Cho, vice president of Solar Business Team at LG Electronics. "While we recognize this is a crowded playing field, LG has the necessary skills, know-how and business strategy to make this a prof-itable venture for the long-term."
LG has been preparing to enter the solar business since 2004 as the company sees it as a key growth engine for the future. LG's solar operation will be administered by the Air Conditioning (AC) Company, which has much experience in managing energy resources and developing envi-ronmentally responsible solutions for homes and businesses.
The solar market is estimated to be worth around USD 11 billion and the percentage of crystal-line solar cells is expected to make up 80 percent of the market in 2010. Crystalline solar cells are comprised of silicon wafers, while competing thin-film solar cells use thin layers of materi-als containing electrodes. In July 2009, LG announced that the company had achieved the world's most energy efficient (11.1 percent) in large-area (1.1 x 1.3 meter) thin-film solar cells.
"LG is at the top of the industry in terms of large-area solar cell efficiency. We are commenc-ing production of crystalline solar cells and will continue to focus on both types of solar cells going forward," said Cho.
Contact:
Joon-kyu Jang
+822 3777 3629
lgpr@lge.com
Topic: Press release summary
Source: LG Electronics, Inc.
Sectors: Electronics
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From the Asia Corporate News Network
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