LG to invest W1tr in solar batteries

LG Electronics plans to invest 1 trillion won ($828.5 million) in the solar battery business for the next five years leveraging its high-end electronics technology to break into the sharply growing market. 

The company held a ceremony Friday to mark the completion of its first production line of solar cells and modules in Gumi, North Gyeongsang Province. 

The facility, remodeled from its PDP assembly line, has a 120 megawatt capacity. 

The company plans to add another line to double the capacity by the end of the year and aims to become one of the world’s largest makers with a capacity of 1 gigawatt within three years.

“LG Electronics will position itself as a leading player in the market for green energies that are spotlighted as the next-generation of alternative energy,” Nam Yong, company chief executive officer, said in his congratulatory message. 

LG Electronics CEO Nam Yong (third from left), chief technology officer Paik Woo-hyung (fourth from left) and other participants cut the tape at a ceremony marking the completion of its first production line of solar cells and modules in Gumi, North Gyeongsang Province, Friday. LG Electronics