LG ELECTRONICS INVESTS ADDITIONAL USD 435 MILLION IN SOLAR CELL PRODUCTION
SYDNEY, Jan. 28, 2016 — 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 USD 435 million (KRW 527.2 billion) 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.
Russ Prendergast, Marketing Manager for Solar at LG Australia commented:
“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. Locally, the company has actively built exposure in the residential and commercial solar space by being one of the innovation and technical leaders. 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,” he added.
“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,” said Lee Sang-bong, LG president and head of its Energy Business Centre 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.”
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 homeowners who want to maximise the energy production potential within a limited rooftop space. NeON™ 2 was also recognised with an Intersolar AWARD for Photovoltaics in 2015.
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Please visit the LG Solar Energy website for more information on LG Solar.
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About LG Electronics Australia
LG Electronics Australia is based in Sydney and is a subsidiary of LG Electronics, Inc, a global force and technology leader in consumer electronics, home appliances and mobile communications. In Australia, LG Electronics sells a range of stylish and innovative home entertainment products, mobile phones, home appliances, commercial displays, air conditioning systems and solar energy solutions, all under the LG “Life’s Good” marketing theme. For more information, please visit www.lg.com.au or facebook.com/LGaustralia
About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing 83,000 people working in 128 locations around the world. With 2014 global sales of USD 55.91 billion (KRW 59.04 trillion), LG is comprised of the following business units -Home Entertainment, Mobile Communications, Home Appliance & Air Solutions, and Vehicle Components and is one of the world’s leading producers of flat LED TVs, mobile devices, air conditioners, washing machines and refrigerators. LG Electronics is a 2014 ENERGY STAR Partner of the Year. For more news and information on LG Electronics, please visit www.LGnewsroom.com.