FinSoul has learned of a recent announcement by South Korea’s LG Electronics that it will begin commercial production of solar cells and modules, as soon as the beginning of 2010.
The electronics giant said that it intends manufacturing around 520,000 solar modules annually using silicone wafers with a total capacity of 120MW, at a production plant 200 km’s south east of the South Korean capital of Seoul.
The firm added that another production line was planned for early 2011, aimed at increasing output to 240MW.
The vice president of solar business at LG Electronics said that the firm was aiming to become a global player in the solar industry.
"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," FinSoul believes he was recently quoted as saying.
LG announced that it views solar manufacturing as a key growth area and said that it had been preparing to enter this market sector since 2004.
The company aims to produce large-area, thin-film solar cells as well as the more commonly used crystalline solar cells, FinSoul believes.
LG Electronics announced in mid 2009 that it had achieved the worlds most energy efficient large-area, thin-film solar cells in a trial.
