Since LG’s consumer electronics business has been driving out high quality TV’s along with other gadgets, obviously its solar panel division has been making plans for its tract. The Korean tech giant has announced its plans of multimillion dollar investment to expand its solar panel manufacturing capabilities in South Korea.
To add six more production lines to its facilities, LG is investing $435 million (KRW 527.2 billion). The facilities already have eight production lines. This addition is going to increase capacity from 1GW to 1.8GW by 2018 and 3GW that is equivalent to the electrical power consumed by one million households by 2020.
“As a result of this investment, LG’s solar power business will be in a much stronger position to be a dynamic engine for growth moving forward,” said Lee Sang-bong, president of LG and head of its Energy Business Center and B2B Office. “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.”
In 1995, LG launched its solar business. It established its Energy Business Center in November 2014 to take care of its Energy Storage System (ESS), Solar and Lighting businesses. The company introduced its most advanced NeON™ 2 solar energy solution in last year that was acknowledged with Intersolar AWARD for Photovoltaics.