Toshiba announced that it would withdraw from the residential solar power business, with profits deteriorating due to fierce competition.

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com February 9 news, Toshiba recently issued an announcement, due to fierce competition led to the deterioration of profits, announced to withdraw from the residential solar power business.

So far, Toshiba has been selling under the Toshiba brand in Japan and providing after-sales service for residential solar power systems with high conversion efficiency, high quality and long-term warranty, Toshiba said in the announcement. However, the company decided to stop the development of the new sales system and transfer the after-sales service related to the business.

CTOnews.com learned that Toshiba began selling residential solar power systems in 2010, and Toshiba's business has expanded rapidly since the introduction of feed-in tariff (FIT) in Japan in 2012. On the other hand, as many manufacturers entered the market, competition intensified, and considering the future business strategy, Toshiba decided to terminate the residential solar power system business and transfer the maintenance service business.

On the after-sales side, Toshiba will transfer after-sales service to XSOL, a solar module manufacturer, after March 15, 2023.

In addition, Toshiba said it would continue to focus on industrial photovoltaic power generation with engineering capabilities, providing highly reliable one-stop solutions. Toshiba is also focused on the next generation of solar cells, such as highly efficient tandem solar cells by stacking solar cells with different characteristics, as well as thin, light, flexible solar cells that can be used in a variety of locations.

Toshiba's goal is to develop a thin-film perovskite solar cell that can be installed in solar cells and put into practical use.