Green Investing in South Korea – Hyundai plans to double solar capacity by 2011

LG and Samsung have already committed themselves to billion dollar investments into crystalline solar manufacturing.Not to be left behind South Korea’s Hyundai Industries which is known more for its cars,is also making a big push into the Green Energy Space.Like its South Korean peers,Hyundai is also preferring to enter this space through Solar Energy.Hyundai has already established a 320 MWcell capacity which it plans to double to 600 MW by early 2011 which would make it the largest South Korean manufacturer.Hyundai had earlier bought solar cell equipment from Germany’s  Centrotherm as far back as 2008 and had entered a  long term contract with LDK Solar for buying solar wafers as raw material  for its cell lines.

Hyundai Joint Ventures to target European and US Green Markets

With the global solar demand in 2010 projected to more than double from 2009 demand of around 7 GW,Hyundai is also stepping up its game.It is in negotiations with the Hungarian government to set up a manufacturing base in that country to serve the European markets.It is also targeting the US market with partnerships with companies like Raser Technology and Matinee Energy.Note Raser is more known for its Geothermal Energy expertise.Hyundai will use Raser’s land to build solar plants in the US.It is also planning to set up a 240 MW solar power plant in partnership with Matinee Energy and LG.Note Hyundai is present in all parts of the solar supply chain except  Wafers where it has a supply deal with LDK Solar.It started making polysilicon in a 3000 ton plant in a JV with KCC.

Hyundai Heavy Industries to Double Solar Production Capacity – ENF

Hyundai Heavy Industries said it doubles its annual solar module and solar cell production capacity from current 320MW and 370MW to 600MW respectively by early 2011.To double the capacity, Hyundai Heavy plans to complete the expansion of its solar power factory in Eumseong, north Choong-cheong province by early next year and start full-scale production from the second quarter of 2011.Mr. Kim Kweon-tae, chief operating officer of Hyundai Heavy’s Electro Electric Systems Division said, “We already had enough orders for this year and we are now receiving orders for next year. Our target is to be global top 10 with annual sales of 2 trillion won and annual production capacity of 1GW by 2012.”Stabilizing polysilicon prices and rising solar cell and solar module prices also help to improve profitability of the solar power industry. While polysilicon price per kilogram remains around USD50-USD55, solar cell prices jumped 10%, from USD1.2 to USD1.35 and solar module rose 15% from USD1.6 to USD2 this year.
From June this year, Hyundai Heavy has been producing 3,000 tons of polysilicon prototypes at KAM (Korea Advanced Materials Co.), a company jointly established with KCC.

LG Electronics, Hyundai Heavy join U.S. solar power deal – Reuters

South Korea‘s LG Electronics and Hyundai Heavy Industries have joined a $1 billion solar power project in the United States as lead partners, their U.S. partner said on Monday.Matinee Energy Inc said in a statement the project, involving the building of solar power plants with total capacity of 240 megawatts, would be joined by additional partners.

Raser and Hyundai join forces on renewable energy projects – Recharge

Raser Technologies and Hyundai Heavy Industries (HHI) will jointly develop renewable energy projects in the Western US and electric vehicles for commercial fleets.The agreement sets into motion the first two projects that are intended to lead to a broader long-term relationship between the two companies.One project will be a 5MW solar power generation plant to be built at Raser’s Thermo site in southern Utah, using photovoltaic solar panels and transmission equipment manufactured by HHI .