LG Electronics (LG) has globally announced plans to significantly expand its solar energy solution business with a multimillion dollar investment in its solar panel manufacturing facility in South Korea.
LG has entered into a memorandum of understanding with the Korean city of Gumi to invest $US435 million to expand the company’s solar cell manufacturing facilities in the city.
The addition of six production lines to the current eight will increase capacity from 1GW to 1.8GW by 2018 and 3GW — equivalent to the electrical power consumed by one million households — by 2020. This is a serious commitment to solar as it will triple output by 2020.
LG Australia's marketing manager for solar, Russ Prendergast, said the company's solar business locally has been building steadily over the past few years.
“This growth has been well supported by LG globally with its 20-years plus experience in the solar market. Locally, the company has actively built exposure in the residential and commercial solar space by being one of the innovation and technical leaders," he said.
"What this announcement means to the Australian market is that LG is clearly communicating its firm commitment to the solar industry over the long term, as well as its intention to provide a greater supply of high-quality and high-efficiency solar panels to suit an ever growing Australian market for commercial and residential solar requirements.
“Our customers can be well assured that we are here for the long-term."
LG president and head of its energy business centre and B2B Office, Lee Sang-bong, said that as a result of this investment, the LG solar power business will be in a much stronger position to be a dynamic engine for growth moving forward.
"LG has been actively involved in the solar energy business for two decades and we believe that mainstream consumers are more than ready to give solar more serious consideration," he said.
LG launched its solar business in 1995 and established the Energy Business Centre in November 2014 to oversee its Solar, Energy Storage System (ESS) and Lighting businesses.
In August 2015, LG introduced its most advanced NeON 2 solar energy solution with innovative Cello technology consisting of 12 thin wires instead of three busbars, ideal for customers who want to maximise the energy production potential within a limited rooftop space.