Seoul, December 22, 2009 - 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.
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About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing more than 84,000 people working in 115 opera-tions including 84 subsidiaries around the world. With 2008 global sales of $44.7 billion, LG comprises of five business units – Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Business Solutions. LG is one of the world’s leading producers of flat panel TVs, audio and video products, mobile handsets, air conditioners and washing machines. LG has signed a long-term agreement to become both A Global Partner of Formula 1™ and A Technology Partner of Formula 1™. As part of this top-level association, LG acquires exclusive designations and marketing rights as the official consumer electronics, mobile phone and data processor of this global sporting event. For more information, please visit www.lge.com.