Japan's Mitsubishi Electric plans
major solar cell investment
Mar 19, 2008 - Thomson Financial
Japan's Mitsubishi Electric Corp said Wednesday it
planned to invest 7 billion yen to boost production
of solar cells as global demand rises on high oil
costs and environmental awareness.
Mitsubishi Electric is the latest Japanese company
to see a promising future for solar or photovoltaic
cells, which convert energy from the sun into electricity.
The company said with the investment, it will boost
production at two domestic factories, aiming to hike
capacity from 150 megawatts last year to 500 megawatts
by the 2013 financial year.
The company said it decided on the investment to
meet "increasingly active market demand."
The solar cell market "has been growing rapidly,
reflecting concerns about increasing prices of petroleum
and other materials, as well as increased environmental
awareness," the company said in a statement.
Japan's Sharp Corp said late last year that it would
invest 22 billion yen on a 10-fold expansion of production
of thin-film solar cells, which it said could be made
more quickly and cheaply than conventional solar cells.
Other firms such as Sanyo are also investing in solar
power as they seek to tap growing interest in alternative
(1 US dollar = 99.59 yen)