LG invests $820million in solar energy
LG Electronics has announced it is investing $820million in a 5year plan to boost solar cell manufacturing at a plant in South Korea.
The electronics company last year converted a plasma display panel assembly line in South Korea to a solar panel line. LG said it started mass production of crystalline solar cells at the facility this year.
LG is focusing on solar energy as part of a growth strategy that included 1gigawatts worth of solar production. This, said the company, would contribute to sales of $2.4billion by 2015.
"We are determined to make LG a leading player in the renewable solar energy business and our Gumi production facility is the centerpiece of this vision," said Kwan-shik Cho, vice president of LG's solar business.
In April, LG Group announced plans to invest $17.9bn over the next decade to reduce its emissions by 40% and develop environmentally-friendly businesses, such as solar modules.