Latest news with #LSCable
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
29-04-2025
- Business
- Korea Herald
LS Cable to build largest subsea cable plant in US
Korean cable maker accelerates US expansion to mitigate tariff risks, bolster supply chain LS Cable & System announced Tuesday that it will invest $681 million to construct the largest submarine cable manufacturing plant in the United States, marking the first such investment by a South Korean cable company and the second major Korean initiative following the launch of the second Donald Trump administration. The new facility will be built by LS GreenLink, the company's US subsidiary, in Chesapeake, Virginia. Construction is scheduled for completion by the third quarter of 2027, with mass production expected to begin in the first quarter of 2028. The groundbreaking ceremony, held Monday in Chesapeake, was attended by key executives and government officials, including Chesapeake Mayor Rick West, LS Cable & System CEO and President Koo Bon-kyu, and Virginia Governor Glenn Youngkin. During the event, West, a Republican, announced that the access road to the plant site would be named '1 LS Way,' noting that while the city council rarely changes street names, it approved the change in recognition of the largest investment in Chesapeake's history. LS Cable highlighted that the new production base will feature a 201-meter Vertical Continuous Vulcanizing (VCV) tower — a critical structure for manufacturing high-voltage submarine power cables — as well as a dedicated port facility. This setup will enable fully integrated operations, from production to transport and supply of High Voltage Direct Current (HVDC) submarine cables. The VCV tower is expected to become the tallest structure in Virginia and the tallest industrial facility along the eastern seaboard between Philadelphia and Charlotte. The project is anticipated to create more than 330 new jobs in the local community. To support the project, LS Cable secured $99 million in federal subsidies under the Inflation Reduction Act, which incentivizes clean energy manufacturing in the US. Along with $48 million in tax incentives from the state of Virginia, total US government support amounts to $147 million — the largest such package received by any global cable manufacturer to date. This large-scale investment comes in the context of Trump's impending 25 percent reciprocal tariffs on Korean imports, set to take effect after the grace period ends on July 8. Given the limited infrastructure for submarine cable production in the US, LS Cable's project is expected to bolster the domestic supply chain and mitigate the impact of the new tariffs. 'Having already secured an 18-month supply of submarine cables for export to Europe, we anticipate growing demand driven by the US AI data center sector, where power needs are projected to reach 32 gigawatts — half of Korea's annual power consumption — by 2024, and rise to 120 gigawatts by 2030,' said LS GreenLink President Kim Ki-soo. Through this project, LS Cable aims to establish a central hub for its global submarine cable business, spanning the US, Europe and the Middle East. The Virginia plant is also expected to enhance access to the European market, with logistics costs from the US roughly 20 percent lower than from Korea.
Korea Herald
07-04-2025
- Business
- Korea Herald
LS Cable begins solar-powered submarine cable production
LS Cable & System said Monday that it has started to produce submarine cables at its facility in Donghae, Gangwon Province, using electricity generated from solar power in a strategic move to reduce electricity costs and enhance eco-friendly manufacturing capabilities. The 3,000-kilowatt solar power system is expected to generate approximately 3,600 megawatt-hours of electricity annually, equivalent to the power consumption of about 1,200 households per year. Over the next 20 years, this could lead to saving over 7 billion won ($4.8 million) in electricity costs, according to the company. LS Cable's boost in green initiative comes as global energy companies increasingly require cable-makers to use renewable energy in their manufacturing processes. For instance, key companies like Orsted, Europe's largest renewable energy firm, and TenneT, a German grid operator, actively pursue the decarbonization of their supply chains. In addition, LS Cable is advancing its efforts toward environmental, social and governance efforts. In December 2024, it became the first cable-maker in South Korea to receive global approval for its carbon reduction strategy from the Science Based Targets initiative, or SBTi, by committing to achieve net-zero greenhouse gas emissions by 2050. 'Reaching 100 percent renewable energy transition at our Donghae facility through the solar power system is highly significant,' said an official from LS Cable & System. 'We plan to extend the use of renewable energy across our domestic and international sites, building a low-carbon supply chain that aligns with RE100 and SBTi standards, as well as our customer requirements.' Meanwhile, LS Cable, along with its sister company LS Electric, posted 1.3 trillion won worth of deals in the US early this year. Building on these achievements, LS Group plans to expand its production capacity within the US to further solidify its presence in the global cable and electrical equipment markets.
Korea Herald
01-04-2025
- Business
- Korea Herald
LS Cable & System bolsters HVDC testing amid surging demand
Korean cable-maker logs W3tr in accumulated orders worldwide LS Cable & System said Tuesday that it has signed a long-term agreement with the Korea Electrotechnology Research Institute to use the state-run organization's high-voltage direct current, or HVDC, testing center in Changwon, South Gyeongsang Province. The partnership was sealed as LS Cable has been actively looking to expand testing infrastructures HVDC products amid surging demand for testing their quality. According to the company, the accumulated amount of orders for LS Cable's HDVC business has surpassed 3 trillion won ($2.04 billion). Under the agreement, LS Cable will test the quality and performance of its 525-kilovolt HVDC cable systems at KERI's facility through March 2027. The cable-maker noted that KERI is a globally accredited institute as a member of the Short-circuit Testing Liaison, an international forum for international collaboration between testing organizations. LS Cable pointed out that HDVC, a technology capable of efficiently transmitting large amounts of power over long distances, has been gaining attention as a key component of offshore wind power and intercountry power grid linkage projects. As the design of HDVC cables is tailored to each customer's need and quality and performance tests must be carried out for each order, LS Cable said having a stable number of testing facilities is a core merit for strengthening its competitiveness when bidding for projects across the world. 'We have laid the foundation to stably respond to the rising demand for (HVDC) tests due to the expansion of global orders,' said an LS Cable official. 'We expect the 'K-Grid export strategy' to gain momentum.'
