Renewable Energy, Solar

Foxconn, maker of Apple iPhones, considers getting into solar power

Foxconn Technology Group, the Taiwanese multinational manufacturer best known for assembling Apple‘s iPhones as well as iPads, Kindle e-readers and Playstation 3 and Nintendo Wii U video gaming consoles, is considering diversifying itself by getting into the solar energy manufacturing sector.

In doing so, the company hopes to jump into a stabilizing segment of the economy while at the same time reducing some of its reliance upon Apple, from which the company derives about 60 percent of its revenues.

Foxconn, properly known as Hon Hai Precision Industry Co. Ltd., has plotted an entry into solar power for about two years, according to reports. The company has formed a renewable energy unit, dubbed Fox Energy. The company also has a small solar panel facility in China.

A company spokesperson said Foxconn will know for sure whether it plans to enter the industry by the end of 2013.