Samsung denies reports of abandoning solar batteries

Samsung Group on Wednesday denied news reports that its owner Lee Kun-hee instructed his company to reconsider the plans for developing solar batteries, saying Samsung has already earmarked the business as one of its future engines of growth.

“We will continue to push forward in the (solar battery) business,” said Rhee In-yong, vice executive president of Samsung’s communications team, in a press briefing.

Rhee stressed that Samsung has no intention of reconsidering or deferring the project.

“There has been no such decision made regarding adjustments in the business plans of Samsung’s affiliates, and the chairman has not mentioned anything in particular,” he told reporters.

It was reported earlier in the day that the chairman had called for Samsung Electronics to completely rethink the solar battery business due to technological limits.

The solar battery business is an area the electronics maker has been persistently pursuing for the past two years on Lee’s urgings to find new business opportunities of the future, but the efforts have yet to result in any substantial progress surpassing those of its rivals.

Lee’s comments, which were reportedly through out by Samsung’s key decision-making unit, the corporate strategy office, indicated that solar batteries may be removed from the electronics arm to another affiliate, or possibly be pursued through a separate joint venture.

By Kim Ji-hyun (jemmie@heraldcorp.com)