Samsung SDI says plans $2 billion solar battery investment

By @ibtimes on

Samsung SDI said on Friday it would invest 2.2 trillion won ($2 billion) in the solar battery business by 2015 to generate 3.5 trillion won in revenue from a new business it is acquiring from its affiliate Samsung Electronics.

Solar batteries account for one of five areas that Samsung Group had identified as its next growth drivers last year along with car batteries, light emitting diode (LED), medical equipment and healthcare businesses. The group plans to invest a total of 23 trillion won in the new businesses.

It has since acquired local ultrasonic medical equipment maker Medison and formed a 300 billion won venture with drugmaker Quintiles, which on Friday started construction of a biopharmaceutical plant in Korea for commercial production from April 2013.

The group's flagship firm, Samsung Electronics, said on Friday it would transfer its solar battery operation to Samsung SDI for 161 billion won to focus on its core business.

Samsung SDI, which also makes rechargeable batteries and plasma flat screens, said it aimed to secure 8 percent of the global solar battery market by 2015.

(Reporting by Miyoung Kim; Editing by Ken Wills)

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