The South Korean company LG has announced that it is abandoning the manufacture of solar panels to enter other areas of sustainable business due to the uncertainty in this sector, even so they will continue to offer support to their current customers.
LG announced this morning, following the decision of its executive committee, that it will stop producing solar panels and begin to develop new business ideas based on renewable energies that are growing.
The decision has been taken after the increase in uncertainty in the solar panel sector, which according to LG is due to “Factors such as the intensification of the price war in the market and the increase in the cost of raw materials.”
Although the end of production will not be for a few months, LG Business Solutions has already begun to reorganize its portfolio and as they have explained, they will begin to apply their resources in favor of information technology (IT) and visualization information (ID).
Using its previous experience in the renewable energy business, LG will focus on developing new sustainable products for emerging sectors such as energy storage systems, energy management solutions and other solutions moving forward in the future.
Although the closure of solar panel factories is scheduled for June 30, LG has assured that it will not abandon its current customers. The company will maintain its commitment to those who already have the panels installed and will offer them support and guarantees once production is closed, although this will continue until the end of the second quarter of the year to ensure that there is sufficient inventory for this support.
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