Swedish home decor giant IKEA has announced plans to spend $77 million on research and development for retail solar panels, as well as other energy-efficient items.
In addition to solar panels, the company plans to use the funds to research and develop energy-efficient products such as energy meters and energy-efficient lighting.
The company currently sells a number of eco-friendly items, most notably a CFL light bulb “bar” with a wide variety of energy-efficient lighting options. IKEA plans to invest funds into green product companies that already offer commercial prospects, according to CleanTech Group, a sustainable business financing group that is working with IKEA on the research initiative.
In all, the program, dubbed IKEA GreenTech, will focus on five product areas in all – solar panels, alternative light sources, product materials, energy efficiency and water saving and purification.