LS GreenLink USA, Inc. Announces Historic $681 Million Subsea Cable Manufacturing Facility in Chesapeake, Virginia
July 09 2024 - 2:27PM
Business Wire
LS GreenLink USA, Inc. the U.S. subsidiary of the 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. Set to
create 338 new jobs, LS GreenLink USA, Inc. will help to bolster
the economy of not only Chesapeake, but the broader Hampton Roads
region as well. This project signifies a substantial milestone for
growth in the offshore wind industry and will position Chesapeake
as a prime destination for future offshore wind and advanced
manufacturing projects.
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LS GreenLink USA, Inc. the U.S.
subsidiary of the 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. (Photo: Business Wire)
“LS GreenLink’s investment in Virginia will showcase the
Commonwealth as a leader in offshore wind industry manufacturing,”
said Governor Glenn Youngkin. He continued, “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 strategic location and expansive
logistics network to easily access key markets and resources. This
investment highlights LS GreenLink’s commitment to innovation and
excellence, and marks the largest capital investment for any
project in the history of the City of Chesapeake.
“We are beyond thrilled to welcome LS GreenLink to Chesapeake,”
said Mayor Rick West. “This transformative project not only
strengthens our local economy but also solidifies Chesapeake’s
status in the offshore wind manufacturing industry. The significant
job creation and investment from LS GreenLink are a testament to
our city’s commitment to clean energy projects. We are also excited
about our new partnership with South Korea and believe that this
project will serve as a gateway to more collaborative opportunities
between the great city of Chesapeake and other South Korean
companies.”
City Manager Chris Price emphasized the strategic importance of
this landmark development. “The introduction of LS Greenlink’s
subsea cable manufacturing facility brings immense benefits to
Chesapeake, including the creation of over 330 new full-time
positions, with annual salaries averaging around $76,000. This
influx of employment opportunities will uplift our community, while
the increased tax revenue will enable us to invest in critical
infrastructure and quality of life improvements, ensuring a
brighter future for Chesapeake.”
“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.”
Economic Development Director Steven Wright shared his
enthusiasm for the project’s impact. “Securing LS GreenLink’s
investment is a testament to Chesapeake’s international appeal and
strategic importance in the global manufacturing market. Our city’s
robust infrastructure and existing advanced manufacturing sector
provide an ideal environment for innovative companies to thrive.
This project will undoubtedly spur further growth and solidify our
position as a leader in the offshore wind industry.”
The collaboration between LS GreenLink and the city of
Chesapeake sets a benchmark for future developments and showcases
the City’s commitment to the offshore wind industry. This project
marks a new era of economic vitality and technological advancement
for Chesapeake, Virginia.
Preston Wilhelm, Economic Development Deputy Director and
Project Manager, highlighted the collaborative efforts that made
this historic project possible. “Over the last two years,
Chesapeake has worked with our state and regional partners to help
bring this project to fruition. LS GreenLink's investment
exemplifies our strategic vision and our unwavering commitment to
economic progress in the City of Chesapeake.”
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, Qualifying
Advanced Energy Project Credits (48C) are awarded to certified
qualifying advanced energy projects to encourage growth in the
renewable energy sector.
About LS GreenLink: LS GreenLink is the U.S. subsidiary of LS
Cable, a leading South Korean company specializing in the
manufacturing of advanced cables and systems. LS Cable &
System, headquartered in Anyang, South Korea, was established in
May 1962 and is a worldwide leader in medium voltage, high voltage,
and extra high voltage underground cables. With 21 subsidiary
companies throughout the world, LS has more than 60 factories,
sales, and production sites in 20 countries.
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Steven C. Wright Director Chesapeake Economic Development Phone:
757-382-8040 Email: stevenwright@cityofchesapeake.net