Electronics giant Samsung said on Tuesday that it plans to invest approximately $20.6 billion in cleantech over the next 10 years to boost its sales and turn a corporate corner.
Samsung, a global technology company that covers an array of industries, from electronics to shipbuilding to fashion, said the move would create 45,000 jobs and result in approx. $44 billion in additional revenue by 2020.
The money will be spent in five areas:
- Solar cells
- Rechargeable cells for hybrid electric vehicles
- LED technologies
- Medical devices
The announcement by Samsung, a major player in South Korea that employs 173,000 people domestically, is expected to help revitalize the nation’s jobless rate, which stands at 4.1 percent.
Samsung employs 276,000 people worldwide.
Of the five areas, the largest investment will be in light emitting diode, or LED, technology applications. Samsung will invest about $7.6 billion for tech used in backlit displays for computers and televisions, lighting and car electronics.
Samsung will invest approx. $5.3 billion in solar cells, $4.76 billion in rechargeable cells for hybrid vehicles, $1.85 billion in bio-pharmaceuticals and $1.06 billion in electronic healthcare equipment.
Earlier this year, the New York Times reported that Samsung struck a deal with California utility Pacific Gas & Electric for “130 megawatts’ worth of photovoltaic power plants to be built” by Solar Project Solutions, a joint venture between Samsung America and ENCO Utility Services.
In 2008, Samsung SDI signed a contract with Germany’s Robert Bosch to manufacture lithium-ion batteries for electric vehicles under the name SB LiMotive. The batteries are expected to enter production soon.