Suntech to invest $20M in solar cell R&D

Solar cell manufacturer Suntech Power Co. Ltd has disclosed its plan to invest $20 million in the R&D of improving the energy conversion efficiency of solar cells.

The company also plans to boost its domestic sales from the current 20 percent to 50 percent by 2010. The goal is to meet the expected rise in demand for solar cells in mainland China, which has implemented laws and incentives for the utilization of renewable energy.

Suntech is also slated to increase it annual capacity from 120MWp capacity to 240MWp by this year's first half. The company aims to achieve an annual capacity of 1,000MWp within the next five years.