Seoul, Korea [RenewableEnergyWorld.com] LG Display Co. Ltd. announced plans to focus its R&D capabilities on a thin-film type solar cell and nurture it as a future growth driver. LG Display plans to invest KRW 50 billion [US $39 million] into R&D to build a pilot line within its Paju display complex in Korea during the second half of 2009 and build an outdoor test power generation facility.
Further, the company aims to raise the current energy conversion efficiency rate of 8% to 12% by 2010, and eventually achieve efficiency rate of 14% in 2012 to prepare for commercialization. It also plans to secure sufficient commercial value by lowering the manufacturing cost to less than $1 per watt.
In addition, LG Display target the market for cells used in photovoltaic power generation, buildings and public displays during the initial stages of commercialization. According to research firm NanoMarkets, the thin-film type solar cell market will grow from $4.6 billion in 2011 to $14 billion worldwide by 2015.