LG exits solar module business., Electric Vehicle News Bitesize
LG exits solar module business., Electric Vehicle News Bitesize

LG exits solar module business.

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The South Korean manufacturer announced it would shut down its solar module business by the end of June. The company blamed the decision on uncertainty in the global solar industry.

The South Korean electronics maker has announced it will shut down its solar panel business by the end of June.

“The decision is made as uncertainty continues to increase in the global solar module business due to a combination of factors including increased price, competition and rising raw material costs,” the company said in a statement. “LG will continue to support its brands, the companies existing LG solar panel customers will be supported for a period after the closure is complete. Production of the solar panels themselves will continue through the second quarter of this year to maintain sufficient inventory for future service support.”

According to the company, the employees working at the Solar Panel unit, which is part of the company’s Business Solutions division, will be offered transition support and severance packages commensurate with their tenure with the company.

In its latest financial results, the company reported a slight increase in revenue for the Business Solutions division despite the “sluggish performance” of its solar module business.

In 2004, the LG Group of companies prepared for the mass production of solar modules by integrating several solar research laboratories under LG Electronics. With decades of Research and Development experience, LG Electronics quickly laid the groundwork for its first solar cell and module factory.

The company did see the solar business as a strategic growth area for the Group. The first major success of the solar sector came in 2008 when a 14 Megawatt solar power plant was built and operated in Taean, South Korea. LG was also responsible for supplying wafers for the project through its subsidiary LG Siltron. Until today, their solar installations were at the forefront of solar module product development, whether for residential or commercial use.

LG – A brief history

1958  Founded as GoldStar

1985  GoldStar Electronics conducts its first solar cell multicrystalline research

1988  GoldStar Industrial Systems develops its portable solar cell technology called “Solar Lantern”

1989  GoldStar Central R&D Lab develop their solar cell manufacturing technology

1989  GoldStar Industrial Systems establishes photovoltaic power plants

1992  GoldStar Electronics manufactures heaters and panels operating on naturally circulating solar heat

1995  LG Industrial Systems sets up PV traffic signs and establishes PV clock towers

1998  LG Industrial Systems ( LG IS) installs PV streetlights as in Incheon parks, Korea

1999  LG IS installs PV systems at the Korea Advanced Institute of Science and Technology 

2005  LG Chemical conducts R&D on its polycrystalline solar cell

2007  LG Solar Energy operates its first 14MW solar farm in Taean, Korea

2008  The Solar Cell Research Team at the Chemical Division integrates with the Electronics Division

2009  The company constructs PV cell and module factories in Gumi, Korea

2009  LG Electronics Solar Test Lab is certified by TÜV and UL

2009  The companies solar panel mass production begins

2013  The companies NeON 300 Watt solar panel wins the Inter Solar Photovoltaic Award in Munich, Germany

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LG exits solar module business., Electric Vehicle News Bitesize
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