LG Electronics Inc said on Tuesday it would set up two solar cell production lines at the site of its suspended plasma panel plant, as the company seeks to find a new growth engine in the renewable energy business.
LG, which acquired a solar cell business from LG Chem Ltd in June, said it would spend 220 billion won ($168 million) on the two solar cell lines, which will start mass production in early 2010 and early 2011, respectively. Both lines will produce crystalline silicon solar cells and modules with a capacity of 120MW each, LG said in a statement.
Mobile phone and appliance maker LG shut down one of its three plasma display panel (PDP) lines in 2007 as the business struggles with falling TV screen prices and competition with liquid crystal displays. At 10:48 p.m. EDT, LG shares were up 0.82% at 97,900 won in the flat broader market. (Reuters)