In an astonishing transfer LG have determined to shut down their photo voltaic panel enterprise to give attention to different points of the vitality market. The choice was made by the corporate’s board of director final night time and referencing a wide range of contributing components together with intense worth competitors and the rising price of photo voltaic panels.
LG have a well known repute for being one of many highest high quality photo voltaic panels available on the market and in addition having one of many highest costs. The choice comes solely weeks after launching their new NeON H+ sequence in early 2022 suggesting this resolution was deliberate lengthy upfront.
The corporate announcement states they’ll preserve assist for present cusotmers ‘for a time period’. No additional particulars have been shared on this, however prospects who’ve lately buy a LG photo voltaic panel shall be hoping that this ‘time period’ is not less than 25 years to match their product and efficiency guarantee.
“LG will proceed to face behind its model and the corporate will preserve assist for purchasers of present LG photo voltaic panels for a time period after the enterprise’s closure has been accomplished. Photo voltaic panel manufacturing itself will proceed till the second quarter this yr to take care of sufficient stock for future service assist.”
The announcement does verify that the corporate will proceed to product Vitality Storage Techniques and probably increasing their product vary into different points of the renewable vitality market.
They anticipate to finish their exit from the market by June 30.
