Latest news with #KooBon-kyu
Korea Herald
23-05-2025
- Business
- Korea Herald
LS consults with Vietnam for rare earth development
LS Eco Energy, a Vietnam-based cable manufacturer under Korea's LS Cable & System, said Friday that its top executives met with the Vietnamese deputy industry minister to discuss ways to cooperate in developing the country's rare earth supply chain. LS Cable & System CEO Koo Bon-kyu and LS Eco Energy CEO Lee Sang-ho had a meeting with Deputy Minister of Industry and Trade Nguyen Hoang Long on Thursday to request regulatory support. The talks focused particularly on approvals related to radioactive materials and environmental standards, as well as cooperation with local mining companies, according to the firm. LS Eco Energy aims to build a rare earth value chain in Vietnam, from mining to metal production. The company plans to leverage Vietnam's rich reserves of materials, which are essential for technologies such as robotics and electric vehicle motors. At the meeting, the deputy minister expressed openness to providing government-level support for the rare earth supply chain and showed optimism about the collaboration model's potential to enhance Vietnam's industrial capabilities, LS said. While believed to hold about 18 percent of global rare earth reserves, second to China, the country allows only a few approved companies to produce the minerals under strict regulations. LS Eco Energy partnered with local refiner Hung Thinh Minerals to secure rare earth materials from 2025, but local challenges, including delays in processing facility construction, have postponed the project. 'With three decades of business experience in Vietnam, we are confident we can be the ideal partner to help position the country as a global hub for the rare earth industry,' said CEO Lee.
Korea Herald
22-05-2025
- Business
- Korea Herald
LS Cable eyes Vietnam HVDC project for ASEAN expansion
Korean cable-maker aims to bolster subsea cable, underground power grid, data infrastructure businesses in Southeast Asia LS Cable & System is turning up efforts a notch to bolster its Southeast Asian businesses by reviewing subsea localization strategies and expanding its global network, the Korean cable-maker said Thursday. LS Cable & System held a workshop on Wednesday and Thursday in Vietnam with the CEOs from LS Cable & System, LS Eco Energy and LS Marine Solution to discuss ways to cope with the growing renewable energy sector and artificial intelligence data centers. Key on the agenda was participation in a project that connects Vietnam and Singapore with long-distance high-voltage direct current, or HVDC, submarine cables. According to LS Cable & System, its CEO Koo Bon-kyu met with Le Manh Hung, chairperson of Vietnamese state-run energy company PetroVietnam, to discuss support measures from the Vietnamese government such as tax credits and subsidies needed to build a local subsea cable plant during the workshop period. Koo also attended a dinner banquet celebrating the groundbreaking ceremony for a 2 trillion won ($1.45 billion) golf club development led by the Trump Organization. The invitation for the LS Cable CEO was a way to show gratitude for LS Cable's $681 million investment to build the largest subsea cable manufacturing plant in the US. LS Cable said it is exploring ways to participate in the Trump Organization's Vietnamese golf resort development. 'Vietnam is a strategic region that will grow into a key foothold in the global HVDC power grid,' said an LS Cable & System official. 'Through the expansion of our full-range businesses including not only the subsea businesses but also underground power grids and data infrastructure, we will strengthen the leadership in the ASEAN (Southeast Asian) market.'
Korea Herald
01-05-2025
- Business
- Korea Herald
LS Cable & System named top supplier at US offshore energy conference
LS Cable & System, a Korean grid facility manufacturer, has been recognized as a top supplier at the Americas' largest conference for offshore wind power generation and ocean renewable energy, it said Thursday. The company received the Supply Chain Advancement Award on Tuesday at the International Partnering Forum 2025 in Virginia Beach, Virginia. It is the first time a Korean company has been honored with the recognition. The award recognizes LS Cable & System's expertise in submarine cables, its investment in US-based production facilities and its efforts to strengthen strategic partnerships with local companies, the company said. The company is building a new plant in Chesapeake, Virginia, which is set to become the largest submarine cable manufacturing facility in the US upon completion in 2027, following its investment of $681 million. LS Cable & System CEO Koo Bon-kyu also participated in an interview during the forum's opening plenary, becoming the first Korean to take part in the session. He shared insights on the long-term growth potential of offshore wind power and the strategic importance of transitioning to a diversified energy mix. 'Offshore wind power is a long-term endeavor that cannot be properly appreciated with a short-sighted view,' said CEO Koo. 'In the short term, the market may experience fluctuations, but we are confident that the offshore wind sector will continue on a long-term growth trajectory. This outlook was a key factor behind our recent large-scale investment in Virginia.'
Yahoo
29-04-2025
- Business
- Yahoo
LS GreenLink breaks ground on tallest building in Virginia
CHESAPEAKE, Va. (WAVY) — Even amid uncertainty about the offshore wind industry in the United States, ground was ceremonially broken Monday for a submarine power transmission cable factory that will become the tallest building in Virginia. LS GreenLink, a subsidiary of South Korean-based LS Cable System Ltd., plans to invest $700 million to build 750,000 square feet of manufacturing space on the banks of the southern branch of the Elizabeth River. The company spent $15.1 million in March for nearly 100 acres of land located at 1213 Victory Boulevard in the Saint Juliens Annex part of the city, according the city records. The high-voltage cables being built by the company will be used in the offshore wind industry to bring power ashore. One of the reasons the company chose to locate in the United States is due to $100 million in tax credits from the Inflation Reduction Act set aside for clean energy projects. While both the act and industry has been targeted by President Donald Trump in his second term, local leaders and company executives are moving forward with optimism. 70-story, $681M submarine cable plant planned for Chesapeake would be Virginia's tallest building 'Our order book is starting to fill well into the 2030s, reflecting the growing demand for resilient energy infrastructure,' Koo Bon-kyu, president of South Korean company LS Cable & System, said during the ceremony. Tennet, a European grid operator will be the Virginia factory's first customer. LS GreenLink's investment makes it the largest economic development project in Chesapeake history and one the largest ever in Hampton Roads history. It's estimated more than 330 jobs will come with the project. Patrick Shim, who is the managing director of LS GreenLink, said the workforce is one of the reasons the company chose Virginia. Gov. Glenn Youngkin, (R-Va.) was front in center as the first 'cable' was connected and praised the company for its commitment to the Commonwealth. He did not, however, take questions from both the South Korean and local media about if federal policy uncertainty will challenge the project. While both LS GreenLink leaders said they planned a joint-press conference with Youngkin and Juan Pablo Segura, the Virginia Secretary of Commerce and Trade, both left after the formal ceremony. The departure left Chesapeake Mayor Rick West to field questions alone about the Trump administration's potential funding cuts for renewable energy. 'The fact that we are so far along on this project, it makes absolutely no sense to not continue with the incentives because it is not only economically wise for us to do, but environmentally as well,' West said, adding that he recently wrote an op-ed on the issue. Chesapeake City Council also recently endorsed a $50 million U.S. Department of Transportation Grant that would help offset the costs of designing and building a pier from the site into the Elizabeth River. Cables will be shipped from the factory straight to the project site. Patrick Shim, the managing director for LS GreenLink, said efforts are ongoing to make sure federal officials continue to support the project. 'One of the main reasons we came to Virginia is access to workforce,' Shim said. 'We are just bringing capital and quality from South Korea.' Shim also wanted to point out that tax credits are earned on performance. 'This is not free money, it's based on what we do,' Shim said. 'It is a big part of why we are coming here.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-04-2025
- Business
- Yahoo
Construction begins on massive underwater cable plant in Chesapeake
A multimillion-dollar underwater cable factory in Chesapeake has officially broken ground, adding another part of the offshore wind supply chain to Hampton Roads. The 750,000-square-foot plant — part of a $680-million investment by LS Greenlink USA, a subsidiary of South Korean-based LS Cable & System — is expected to create more than 330 full-time jobs. According to public records, LS GreenLink USA purchased the 96.62 acres of land adjacent to the Southern Branch Elizabeth River in Chesapeake from International Bio-Energy Virginia Real Estate LLC for an undisclosed amount. Koo Bon-kyu, president CEO of LS Cable & System, said the plot has 'plenty of room to expand' the plant for future phases. 'Years ago, people were talking about Virginia as a victim of sea-level rise or a victim of climate change,' said Sen. Tim Kaine. 'Those facts may be accurate, but nobody wants to be the recipient of problems. We want to be the innovator. We want to be the winner. Whether its LS Greenlink here in Chesapeake or the complete electrification of the cranes at the Port of Virginia, … (renewable energy projects) are moving Virginia into a leadership position.' The plant is expected to be fully operational by the first quarter of 2028. Gov. Glenn Youngkin said the collaboration between economic development officials in Virginia and Chesapeake has been working with counterparts in Korea for years to get the plant to the commonwealth. He approved a $13.2 million grant from the Commonwealth's Opportunity Fund to assist the city of Chesapeake with the project. The company is eligible to receive state benefits from The Port of Virginia Economic and Infrastructure Development Zone Grant Program. He also said the well-paying jobs will be a good asset to the state's economy. The company will also receive $99 million in tax credits from the Inflation Reduction Act of 2022. 'At the beginning of all of this, it took vision,' Youngkin said. The tower for the facility is expected to be 660 feet. It would be tallest building in Virginia, exceeding the height of the The Westin Virginia Beach Town Center, which stands at 508 feet. In October, the Chesapeake City Council voted unanimously to approve a conditional use permit for the height exception. The plant's tower is needed because as the cables are made, gravity helps center the core of the cable. Once produced, the cables are stored in spools and loaded onto ships directly from the pier that's located on the project site, where they can then be shipped out for offshore wind energy projects across the globe. Koo said many of the company's first contracts will be for offshore wind projects in Europe. While the city has no direct influence on recent tariff policy by the Trump administration, Chesapeake Mayor Rick West said he is working on letters and op-eds regarding the issue. Koo said while there is some concern about how tariffs on copper could affect business, the company could adjust pricing on products or take other risk management strategies to address rising costs. 'We're working very closely with our regional organizations as well as the state of Virginia Economic Development Partnership to truly understand what the impact of tariffs will be,' said Steven Wright, economic development director for the city of Chesapeake. ' At every step along the way, we will try to minimize the impacts (of tariffs) on this project.' Eliza Noe,
