LS GreenLink USA, subsidiary of South Korean cable manufacturing company LS Cable, has announced the construction of a new $681 million subsea cable manufacturing facility at the Deep Water Terminal Site in Chesapeake, Virginia. The project will create 338 new jobs and position Chesapeake as a prime destination for future offshore wind and advanced manufacturing projects.
“LS GreenLink’s investment in Virginia will showcase the Commonwealth as a leader in offshore wind industry manufacturing,” said Gov. Glenn Youngkin. “LS GreenLink has recognized that Virginia has the skilled talent, world-class logistics location, and business environment that will allow it to serve its growing global customers for submarine power cables.”
LS GreenLink’s facility will specialize in the production of advanced subsea cables, which are integral to the global supply chain for offshore wind farms and renewable energy projects. Locating the facility at the Deep Water Terminal Site will allow LS GreenLink to utilize Chesapeake’s logistics network to easily access key markets and resources.
“This state-of-the-art facility represents our commitment to pushing the boundaries of technology and engineering,” said Bon-Kyu Koo, President & CEO of LS Cable & System. “This facility will not only enhance our capability to meet the growing global demands for submarine power cables, but will also position us at the forefront of the industry.”
Prior to announcing the project, LS GreenLink was awarded $99,060,000 in Qualifying Advanced Energy Project Credits (48C). Established by the American Recovery and Reinvestment Act of 2009 and expanded under the Inflation Reduction Act of 2022, 48C credits are awarded to certified qualifying advanced energy projects to encourage growth in the renewable energy sector.
News item from LS GreenLink
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