LG Electronics announced plans to make an investment of $435 million to expand its solar panel manufacturing capabilities in Gumi, South Korea.
The company will add six production lines to the current eight in order to increase capacity from 1GW to 1.8GW by 2018 and 3GW by 2020.
“As a result of this investment, LG’s 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 Center and B2B Office.
LG launched its solar business in 1995 and established the Energy Business Center in November 2014 to oversee its Solar, Energy Storage System (ESS) and Lighting businesses.
In August 2015, LG introduced its NeON 2 solar energy solution with Cello technology consisting of 12 thin wires instead of three busbars, ideal for homeowners who want to maximize the energy production potential within a limited rooftop space.