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LG to Invest $436 Million in Solar Power Over Next 3 Years

January 13, 2016 - Written By Tom Dawson

Big names like LG, Samsung and Sony are known for much, much more than just their smartphones and tablets. While Sony is known for for producing all sorts of different consumer products, their South Korean rivals LG and Samsung make practically everything and anything that goes into these devices and further afield. LG and Samsung had a good year last year in different ways, for Samsung it was more so their success with their processors and other components, and for LG it was another great year of shipping smartphones such as the LG G4. Now, it appears like LG is ready to make a long-term commitment to one of the fastest-growing renewable energy sources around; solar power.

As Reuters is reporting, LG Electronics will invest 527 Billion Won, which is roughly $435.67 Million US, over three years in the Solar Panel production. The idea is to triple the company’s capacity for producing such panels by 2020, with an aim to add a further six to their already existing eight manufacturing facilities by 2018. The investment centers around Gumi, in the North Gyeongsang province, which is roughly 200km outside of Seoul. LG has already signed a formal agreement with both the Gumi City and North Gyeongsang Province authorities, and LG seems optimistic about the deal. LG’s Head of Business-to-Business and Energy Centers, Lee Sang-bong said that LG “pledge to lead the global solar power market by providing super high-efficiency premium products and differentiated value.”

Solar Power is rapidly becoming more affordable for businesses the world over to get access to, and even consumer-grade products like the recent ECOXGEAR speakers can use solar power to great effect. LG themselves produce equipment that can generate up to 1-gigawatt of energy and by 2018 they hope to have made this 1.8-gigawatts. South Korea itself is a nation that has embraced Solar Power by building a number of Solar Power Farms near Seoul and elsewhere. While not the most exciting news from LG, it’s interesting to see that brands you might not have thought of are helping to lead us towards more renewable energy sources.