LG Electronics will stop manufacturing solar panels following a decision by the company's board of directors on Feb. 22.

A news release said the decision was reached due to "uncertainties in the global solar panel business" that include price competition and the rising cost of materials.

LG's solar panel business will close by June 30, the company said, though support will be provided to existing customers for an undefined period of time beyond the closure date.

LG currently operates a 550 MW solar panel manufacturing facility in Huntsville, Alabama. The company will continue to produce solar panels until the second quarter of 2022 to maintain inventory levels before closing the plant.

The Huntsville solar module assembly plant created 160 new full-time jobs when it was announced in 2018. LG catered to the residential solar market, primarily.

With its departure from the solar industry, LG will instead focus on "growth sectors" like energy storage and energy management.

Renewable Energy World will continue to update this developing story.