Just last week Foxconn Technology Group reached a deal to take over Sharp Corp. The company had previously announced their plans to go green and improve energy efficiency at their factories to introduce more solar power in China and India. While the issues with pollution are well-documented in China, very few changes are being made to address the already full-blown issue at hand. By merging with Sharp Corp. the Taiwanese electronics giant gains access and connections to a well-established brand name (Sharp Corp.) of which to sell its solar panels.
This is all part of Foxconn Technology Group’s larger goal of being an industry leader for clean energy in some of the worst polluting countries in the world while also firmly establishing their footing in Japan. With a strong distribution network in Japan and highly regarded as a pioneer in the development of solar panels and clean energy applications, Sharp Corp. bolsters Foxconn Technology Group’s clout within the growing population pushing for renewable energy source.
Foxconn announced in October that it has plans to build 400 megawatts of solar power capacity by 2018 in Henan, China as part of an Apple Inc. initiative. Apple contracts Foxconn to make its iPhones and iPads at their factories in China. In June Foxconn teamed up with Japan’s SoftBank Group Corp. and Bharti Enterprises Pvt. Of India to add 20 gigawatts of clean-energy capacity in India valued at over $20 billion. Terry Gou, Chairman of Foxconn believes that harnessing renewable energy is the chief responsibility for our society and in December the venture won its first solar project in the southern state of Andhra Pradesh.
Foxconn had revealed that earlier last year they were in talk with U.K. investors to raise $1.7 billion to make operations in China more environmentally friendly by building solar farms and replacing air-conditioning systems and installing energy efficient lighting systems. Sharp Corp. for their part has stated they intend to use the near 8 billion yen infusion from the merger to shore up its energy-solution business while some 200 billion yen has already been set aside and allocated for next generation screens utilizing organic light-emitting diodes.
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