SEOUL, KOREA – LG Electronics’ photovoltaic business is gaining attention in the global marketplace in four years after the company focused on the business as a future growth engine.

Once regarded as a key factor that aggravated the overall performance of LG Electronics amid the global downturn of the solar business, the business is now on the verge of a turnaround on the back of its product competitiveness.

LG Electronics announced on June 24 that its newly-developed photovoltaic module MonoX NeON won an award at the world’s largest solar energy exhibition InterSolar 2013 that was held in Munich, Germany.

An LG official said, “MonoX NeON won an award in the photovoltaic area after going through the assessment by a group of industry experts, academics, and journalists.”

MonoX NeON is a high-efficiency module that can generate more electricity by 6 percent compared to existing modules. By employing a high-precision semiconductor processing technology, MonoX NeON is designed to enhance the efficiency by minimizing the loss of electricity that is generated through the photovolatic power generation process.