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Published on February 6th, 2016 | by Guest Contributor

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LG To Triple Its Solar Cell Production

February 6th, 2016 by  

Originally published on Sustainnovate.
By Henry Lindon

LG Investing $435 Million Into Solar PV Manufacturing

The South Korean company LG, perhaps best known for its consumer electronics and electric vehicle (EV) batteries, has announced that it’ll be investing $435 million in new funding into its solar photovoltaic (PV) manufacturing business.

The company is reportedly aiming to increase production capacity to 3 gigawatts (GW) — up from the 1 GW where it rests now — within 4 years. A memorandum of understanding with the Korean city of Gumi was recently signed — with 6 new production lines now being slated for creation at the company’s manufacturing facilities in the city.

The timeline for the expansion will see capacity increased to 1.8 GW by 2018, and 3 GW by 2020, according to the company.

The president and head of the Energy Business Centre at LG, Lee Sang-Bong commented on the plans, noting that they would put the company in a much stronger position, and be “a dynamic engine for growth.”

“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 continued.

Renew Economy provides a bit more info:

In response to the news, US solar industry insider Jim Jenal — founder & CEO of Run on Sun — said such a significant increase in production by a company like LG offered the hope of lower prices for premium modules over time, “making top-of-the-line solar affordable for ‘mainstream consumers’.”

For LG’s operations in Australia, the news is a welcome sign of the company’s commitment to solar over the long term, according to LG Australia’s Russ Prendergast: “The LG Solar business in Australia has been building steadily over the past few years, and this has been well supported by LG globally with its 20-years plus experience in the solar market. What this announcement means to the Australian market is that LG is clearly communicating its firm commitment to the solar industry… 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.”

 
 
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  • sjc_1

    The Korean government works with their industries to succeed. We had Evergreen and others who got crushed by the Chinese, when are we going to learn?

    • Hugo Rhodano

      South Korea is doing much better than Germany. Germanys government created an artificially demand and as cheap Chinese producer came to play, they stoped it litererally. South Korea is watching for global demand from the beginning.

  • Nolan Thiessen
  • kvleeuwen

    Hmm, why is that roof still asphalt black and not PV blue?
    😉
    Three gigawatts a year is a lot; if this will power the growth of developing nations they will hopefully skip our first-world mistakes.

    • Matt

      Several thoughts: Is that a picture of LG plants or just a stock photo? When those plants were create were the roof created strong enough to support the load of the panels? But yes, whenever you take off in a plane take a look around at all the flat roof and ask yourself that question. But a PV panel maker as little reason/excuse to not have panels on its roof.

    • Nolan Thiessen
      • kvleeuwen

        Thanks, that looks a lot better 🙂

    • solarone

      Yes, good news! 3Gw/year is a lot, but in 2020, that will probably not even make the top 10 in manufacturers.

      • kvleeuwen

        True, LG has some nice high-efficiency panels but not the cheap bulk stuff.

    • Calamity_Jean

      “Hmm, why is that roof still asphalt black and not PV blue?”

      A variation of “Don’t get high on your own supply”? Maybe the solar panels they produce are more valuable as stock-in-trade than as electrical supply for the factory. Or more likely it’s just an old photo.

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