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LG Withdraws Plans for Photovoltaic Joint Venture with Conergy

Updated Ttime:2010-08-03 14:39:01 Origin :Elerunion Electronic  Author: 

LG Electronics Inc said it has decided to discontinue current discussions with Conergy AG, a photovoltaic (PV) solution provider, regarding a proposed joint venture (JV) for solar cell manufacturing due to current worldwide economic uncertainty and changes in strategic direction.

The company said it will continue to explore opportunities in PV cell and module manufacturing. In this context, LG will also continue to review other options for cooperation with Conergy.

In September, LG Electronics and Conergy signed a memorandum of understanding to form a JV in the solar module manufacturing business. Under the deal, LG would have acquired a 75% stake in Conergy's solar module plant in Frankfurt (Oder), and Conergy would have retained 25%.