In February 2022, South Korean company LG Electronics made the decision to close its solar panel business. Operations are expected to cease by 30 June this year.
The company cites the decision to end its solar panel production and sales on uncertainties in the global solar panel business, including the intensification of price competition and the rising cost of raw materials.
LG has promised existing customers it will maintain support for its solar products after the business’s closure, but the length of this is unknown.
The company’s solar panel production will continue until the second quarter of 2022 to maintain adequate inventory for future service support.
In Australia, LG’s Business Solutions company, which operates the solar panel business, will reorganise its portfolio around information technology and information display. The company aims to accelerate growth with “its diverse line-ups of advanced products and tailored services”.
LG says it will “leverage its renewable energy expertise to unlock value for customers … and will concentrate on growth sectors, and plug into a new era of sustainability through rapidly evolving products and solutions”.