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Struggling PV manufacturer LDK Solar said its president and CEO, Xingxue Tong, had resigned with immediate effect last Friday on personal grounds that were not disclosed.

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LDK Solar noted that Tong would be retained as a senior consultant to support ongoing restructuring activities since exiting bankruptcy proceedings earlier in 2015.

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Zhibin Liu, LDK Solar’s chairman would assume both roles vacated by Tong, the company said.

"We are grateful to Mr Tong for his dedicated services as a leader of ousolar system 5kw r senior management team over the past nine years. We thank him for his wisdom and wish to acknowledge him for his efforts and contributions during his tenure at the Company," noted Liu.

LDK Solar previously reported first-half 2015 consolidated net losses of US$43.6 million.

Tong took over as interim president and CEO in September, 2014 after LDK Solar’s founder and former chairman Xiaofeng Peng was forced to resign. Tong had joined LDK Solar in 2007 from GT Advanced Technologies.

US analysis firm GTM Research has published the latest commentary to highlight significant potential in Australia for energy storage, driven by the success of its PV industry.solar system 5kw

'The Australian energy storage market: Downstream drivers and opportunities', authored by GTM’s Brett Simon, predicts that by 2020, Australia will be installing 244MW of storage capacity on a yearly basis. In monetary terms, Simon predicts that what was an US$8 million market in 2013 will be worth US$448 million in five years’ time.

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Of this total annual capacity figure, as much as 132MW is expected to be deployed behind the meter and paired with PV in homes. Residential energy storage, with households storing their solar to reduce electricity costs, either by reducing their exposure to time-of-use electricity rates or simply by self-consuming a higher proportion of PV-generated power compared to more expensive power from the grid, is likely to drive the market on.

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