The reason for this decision is the increasing uncertainties in the global solar module business, triggered by various factors such as the intensification of price competition and the rising costs of raw materials, the group says. The closure of the solar module business is expected to be completed by the end of June 2022.
Continuing to provide after-sales service
LG will continue to stand behind its solar brand, however, and will continue to provide support for customers of existing LG solar modules for some time after the business unit closes. Production of solar modules will continue until the second quarter of 2022 to ensure sufficient inventory for future after-sales service, LG says.
See also: On the way for an even greener PV
LG's Business Solutions Company, which operates the solar module business, will restructure its portfolio around the Information Technology and Information Display pillars, it said. In the future, LG will focus on energy storage systems, energy management solutions and other innovations for sustainability, the group explains. (nhp)
