LG Electronics enters solar market

Manufacturing Digital understands LG will start commercial production of solar cells and modules in next month.

The company said that it plans to manufacture approximately half a million solar modules a year - with a total capacity of 120MW - using silicon wafers, at a new solar cell production line in Gumi, about 200 kilometres southeast of Seoul.

LG said that it planned to set up another production line for operation by 2011, increasing total output to 240MW.

"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 recognise this is a crowded playing field, LG has the necessary skills, know-how and business strategy to make this a profitable 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.

The solar market is estimated to be worth around $11 billion and the percentage of crystalline solar cells is expected to make up 80 percent of the market in 2010.

"LG is at the top of the industry in terms of large-area solar cell efficiency. We are commencing production of crystalline solar cells and will continue to focus on both types of solar cells going forward," Cho added.

Edited by Ellie Duncan

SOURCE: www.lge.com