LG Electronics seems to be betting that the popularity of solar energy and the subsequent need for solar panels will increase enough, in the next few years, that it is converting one of their three plasma display panel manufacturing plants into a solar cell production facility.
In a notice released to the press on Tuesday, LG has stated that it will spend a little over USD $160 million, between now and 2010, to create two solar cell production lines. The company expects the first line to be functional by the first quarter of 2010, with the second line coming alive a year later. Both of these new production lines will produce crystalline silicon solar cells. While this type of panel costs more than thin film alternatives, it compensates with a higher efficiency. Each panel and module, as manufactured by LG, will be able to produce up to 120MW.
Smart move? While the global solar industry is still in it's early stages (compared to other, more common, fuel sources), it is already valued at more than USD $10 billion.
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