Solar business from Korea

Nam Yong, CEO of LG Electronics LG Electronics expects its revenue to reach 59 trillion won (about $52.1 billion) this year, representing about a 10 percent increase from its projections for 2009. It expects much of the growth to be generated by sales of consumer electronics and handsets. In a news conference in Las Vegas, CEO Nam Yong also said the company will invest 3.6 trillion won this year, a 38 percent increase from the 2009 numbers. Much of the money will be spent on research and development (R&D) for mobile devices, televisions, three-dimensional-related (3D) technologies and also in new business areas such as solar cells, he said. However, Nam denied speculation that LG Electronics was bidding for Hynix Semiconductor, the troubled memory chipmaker that is currently looking for new ownership. "The size of our investment is expected to increase dramatically from the 2.6 trillion won last year, as we are spending more to establish facilities for our nascent solar cell b...

LG Electronics will begin production next month at its 120MW crystalline-silicon solar cell manufacturing line in Gumi, South Korea, about 200 kilometers southeast of Seoul. The company said it will open a second line in 2011, which will increase total output to 240MW. LG has invested nearly $187 million in the business. “LG's intention is to become a global player in the world’s solar industry through a combination of our mass production expertise and strict quality control system,” said Kwan-shik Cho, VP of LG's solar business team. “While we recognize this is a crowded playing field, LG has the necessary skills, know-how, and business strategy to make this a profitable venture for the long-term.” The company is also working on thin-film PV technologies. LG announced in July that it had achieved the world’s most efficient (11.1%) large-area (1.1m x 1.3m) thin-film cells. “LG is at the top of the industry in terms of large-area solar cell efficiency," said Cho. "We a...