LG Electronics announced today the launch of solar cell production line in Gumi, about 200 kilometers southeast of Seoul.
The new solar cell 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 energy 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.
"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 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. LG’s solar operation will be administered by the Air Conditioning (AC) Company, which has much experience in managing energy resources and developing environmentally responsible solutions for homes and businesses.
Existing Solar players will not be too happy to see LG get into solar cell production.
Don't Miss: See the first leaked Black Friday 2016 Ad