22 Feb '12, 6pm

Korean Exodus From the Solar Industry: Last week we reported that Samsung was withdrawing from the crystalline...

Last week we reported that Samsung was withdrawing from the crystalline solar market , a market to which it had previously pledged billions of dollars of investment. This week we've learned that Hyundai Heavy Industries , another Korean giant with photovoltaic aspirations, is calling it quits, according to an article in the Korea Times . And we've heard rumors that Korea's LG is also restructuring its solar business. Greentech Media has long viewed Samsung and the Korean industrial machine as a force to be reckoned with in greentech and solar. But the downturn in the solar market might be proving too much for even the Korean giants to bear. At least in crystalline silicon. The report in the Korea Times quoted an unnamed Samsung official as saying, "The solar-cell market is reeling from continued oversupply amid aggressive expansion by Chinese cell manufacturers." The offic...

Full article: http://www.greentechmedia.com/articles/read/Korean-Exodus...

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