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LG Enters Agreement with Solar Energy Company
Jan 20, 2009
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LG Electronics has entered into an exclusive agreement with solar energy leader REC Wafer of Norway to purchase multicrystalline silicon wafers for use in its consumer electronics products.

"We are committed to investing in and developing clean energy solutions by fully leveraging our cumulative R&D knowledge and mass-manufacturing expertise," said Dr. Woo Paik, president and Chief Technology Officer (CTO) for LG Electronics. "Our relationship with REC will give us an opportunity to further our goal of becoming a global leader in solar and renewable energy technologies."

The agreement is structured as a five-year contract with pre-determined prices of more than US$340 million for the entire contract period. LG will begin to receive wafers with limited volumes in 2010 and the delivery amount will increase over the contract period until 2014.

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