Samsung Electronics, Panasonic, LG Electronics to enter a joint venture to bring solar power to the grid
Samsung Electronics has joined Panasonic Corp., LG Electronics, and Sharp Corp. in a joint bid to bring electricity from solar panels to the power grid.
In a statement, Samsung said the joint venture will enable it to produce solar panels with more than 10 times the energy efficiency of today’s commercially available products.
Samsung said the two companies will collaborate to build solar power facilities that can supply more than 5 million kilowatts per month to the global grid.
The joint venture would bring together three key players, Samsung Electronics said.
Samsung will provide the components, Sharp will provide equipment and supply the capacity and capacity costs.
The joint enterprise will be headquartered in the southern coastal city of Nantou, and Samsung will continue to operate its existing production facilities in Nantowo, Kyushu Prefecture, and Daegu, South Korea.
“Samsung is committed to making solar power affordable and to making this opportunity a reality, Samsung says.
We are working with partners to explore the possibilities of the joint enterprise and look forward to bringing solar power products to market,” said John Lee, senior vice president and general manager of Samsung Electronics Group, in the statement.
Solar power is expected to become a key component of the power system of the next generation of electric vehicles.
In addition to the joint ventures, Samsung also announced it will create a joint-venture with Japan’s Suntech Corp. to explore and explore the possibility of producing the solar power for electric vehicles using materials from the company’s own technology.
A separate announcement said Samsung will expand its solar power manufacturing operations and introduce more efficient, efficient manufacturing facilities for solar panel production.
Suntech, which has been operating solar cells at its factories in Nanton and Kumamoto, Kyokushu prefectures, is expected by 2020 to produce up to 200 megawatts of solar power per year.