LG Electronics has firmly debunked rumours it’s selling its solar module business, affirming it’s currently investing tens of millions of dollars into a new plant alongside market growth.
The news follows rumours LG was scoping for a financial advisor to assist with the sale of the business last year, following price competitiveness with cheaper Chinese rivals.
According to The Korea Herald, LG states the rumours are ‘unsubstantiated’, with the company investing millions into a new plant which will add new production lines to manufacture with improved efficiency.
Data by energy consulting firm, Wood Mackenzie, ranks LG the second largest residential solar power market in the United States (13.3% of the market) due to its premium brand image and global infrastructure.
The company is said to be in third place for the commercial solar power market with 10.3% share.
According to industry sources, LG’s solar module business has continued to turn a profit for a number of years.