LG Electronics to enter increasingly crowded solar market

 

LG sees the solar business as a key area of growth, and claimed that it had been preparing to enter the market since 2004.

The firm will manufacture large-area thin-film solar cells, as well as the more widespread crystalline solar cells.

In July 2009, LG announced that the company had achieved the world’s most energy efficient large-area thin-film solar cells in a trial.

LG’s solar operation will be administered by its air conditioning division, which it says has the necessary experience in managing energy resources and developing products efficiently.

The solar market is estimated to be worth around $11bn in 2010, with crystalline solar cells expected to make up 80 per cent of the market, according to LG.

The move will take the company into direct competiton with a raft of solar energy firms, as well as electronics rivals Sharp and Mitsubishi, both of which already operate large solar energy divisions.

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