Samsung Announces $21 Billion Clean Tech Investment
If this isn’t an indication that it’s good to be in the clean and smart energy business, I don’t know what is. This week, Samsung announced their plans to invest 23.3 trillion won (which converts to $20.6 billion) in new businesses in the health care and green energy industries by the year 2020. More specifically, Samsung will focus their investments on solar cells, hybrid and electric vehicles, LED technologies, biopharmaceuticals, and medical devices.
In time, the fruits of this investment could position the South Korean company to be the largest clean tech company ever. That is, of course, depending on how the rest of the big players act in coming years. Google has already begun to invest in renewable wind energy and other clean energy solutions and will likely look for similar opportunities in the near future.
From Lee Kun-hee, Chairman and CEO of Samsung Electronics:
Governments around the world are investing in green industries to address the issues of depleting energy resources… We must move ahead decisively to take this opportunity while other global companies hesitate.
Investing in clean tech isn’t new for Samsung. In January they announced a $6.6 Billion solar and wind energy initiative in Ontario and last July announced their $5 Billion investment to reduce its own emission of greenhouse gases by 50 percent. Lee has often warned that the businesses and products that Samsung produce today will be gone in 10 years, and the focus on the green industry is what will take their brand into the next era.
Source: Reuters
Photo Credit: New Media Creative
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