Millinetsolar Sees Solar Energy as Growth Engine
By Park Hyong-ki
Staff Reporter
Millinetsolar said it is imperative for the country to gain an economic edge through the development of solar energy, and voiced the need for the government to financially support the sector.
Lee Sang-chul, chairman of the small tech firm, said that the country's solar business sector lags far behind that of Germany and Japan, adding that it should be fostered as there is huge potential.
He believes that solar energy can be one of the country's top export goods, next to semiconductors.
``The green energy business provides vast potential to create new jobs, and I strongly believe it can boost the country to achieve per capita income of $40,000 as promised by President Lee,'' said Lee at a media briefing.
Whether oil prices are rising or falling, solar energy will help the country become energy-efficient, and improve its self-sufficiency in the long-term, he noted.
Millinetsolar, an affiliate of the Kosdaq-listed IT firm Millinet, produces silicon-based solar cells, a core component that converts solar energy into electricity. They are widely used for solar modules and panels.
It began to venture into solar energy five years ago as the chairman saw a big opportunity during a business trip to Germany and Japan. The chairman confidently said that Millinetsolar is well ahead of other tech companies and conglomerates in solar energy.
``We can't say that we are not concerned about competition once conglomerates jump in, but we have started this business well ahead of others, meaning that we have the advantage to gain an edge much faster,'' Lee said.
He said as countries race to develop green energy business to counter environmental hazards caused by the burning of fossil fuels, demand for solar cells will grow, while the cost to develop and use solar products will eventually become cheaper than fossil fuels.
``I can see that happening within five years, as futurists once noted that the cost to maintain green energy such as solar, wind and water is inexpensive,'' Lee said.
Millinetsolar has a factory in Daegu, mass producing solar cells with the capacity to generate 30 megawatts of electricity, enough to power some 35,000 households.
It is seeking to boost its cell assembly line capacity in terms of electrical output to 150 megawatts next year, and 300 megawatts by 2010.
The company is building another plant in Paju, Gyeonggi Province to manufacture silicon ingots and wafers, two key raw materials for solar cell processing.
So far, the solar cell manufacturer has sealed export deals worth 720 billion won with India and Italy.