LG ELECTRONICS ENTERS SOLAR BUSINESS IN NORTH AMERICA

LG Electronics Inc. announced the company’s entry into the North American commercial solar industry at the largest business-to-business solar conference in the western hemisphere, Solar Power International 2010 (booth 1143). The U.S. solar debut builds on LG’s global expertise in marketing solar panels for residential, rooftop and commercial applications while capitalizing on LG’s strong presence in the North American consumer and business-to-business marketplace, according to industry veteran Geoff Slevin, vice president, Solar Division, LG Electronics North America. Launching LG solar panels in the United States also represents a major milestone in the company’s plans to expand its global solar business to $2.4 billion by 2015. LG is investing $820 million over the next five years in its solar cell research and manufacturing to increase production capacity to more than one gigawatt. “The U.S. is one of the fastest growing solar markets in the world and is expected to grow significantly over the next several years, in part due to federal and state incentives,” said Slevin, who joined LG this year from Carlisle Energy Services and BP Solar. “LG’s commitment to solar in the U.S. comes at just the right time to meet market demand for solar power with high-quality, sustainable and innovative products that consumers and businesses alike have come to expect from a global technology leader.”

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