- Korean electronics manufacturer LG announced that it will close its solar module business by the end of June.
“The decision comes as uncertainties in the global solar panel business continue to increase due to a variety of contributing factors, including the intensification of price competition and the rising cost of raw materials,” the company said in a statement. “LG will continue to stand behind its brand and the company will maintain support for customers of existing LG solar panels for a period of time after the business’s closure has been completed. Solar panel production itself will continue until the second quarter this year to maintain adequate inventory for future service support.”
The move includes production and solar operations at its 550-MW solar module assembly plant in Huntsville, Alabama, which is also set to close in June.
Completed in 2019, the facility was among the largest module manufacturing plants in the US, providing jobs for some 160 plant employees and 60 contracted workers. The company will offer employees transition support and severance packages commensurate with their tenure with the company.
The company said it will now focus on energy storage systems and home energy management.
Author: Bryan Groenendaal
