LS GreenLink USA, a subsidiary of LS Cable & System (LS C&S), has chosen a brownfield site to build a new submarine power cable manufacturing facility in Chesapeake, Virginia.
The 98-acre site is within the Hampton Roads Beltway along the Elizabeth River and will support LS GreenLink’s capacity to satisfy the burgeoning global demand for submarine power cables in the offshore wind industry.
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The company is investing $680m – a significant step in LS C&S’s long-term global expansion strategy.
The new facility will create 330 jobs and commence operations by the end of 2027.
LS C&S president and CEO Bon-Kyu Koo stated: “This cutting-edge facility underscores our dedication to advancing technology and engineering.
“It will not only bolster our capacity to meet the increasing global demand for submarine power cables but also establish us as a leader in the industry.”
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By GlobalDataIn March 2024, the project secured $99m in investment tax credits under Section 48C of the Inflation Reduction Act of 2022.
In addition to federal incentives, LS GreenLink is receiving financial support from the Commonwealth of Virginia and the city of Chesapeake. This backing is facilitated by the Virginia Economic Development Partnership and the Chesapeake Economic Development Authority.
Virginia Governor Glenn Youngkin has also approved a $13.2m grant from the Commonwealth’s Opportunity Fund to aid the city of Chesapeake in this venture.
Governor Glenn Youngkin stated: “LS GreenLink’s investment in Virginia will showcase the Commonwealth as a leader in the offshore wind industry in manufacturing.
“LS GreenLink has recognised 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 is eligible for additional state benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.
