Latest news with #LSCable&System
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
30-04-2025
- Business
- Yahoo
LS GreenLink USA breaks ground on HV DC submarine cables manufacturing facility
LS GreenLink USA, a subsidiary of LS Cable & System, a South Korea-based cable solution provider, has broken ground on its manufacturing and port facility in Chesapeake, Virginia. US. The initial phase of the project represents an investment over $681m and is anticipated to create more than 330 new jobs in the region. This phase will include a 750,000ft² advanced manufacturing plant, a 660ft vertical continuous vulcanisation (VCV) tower, and a pier, all aimed at enhancing the production, handling, and global delivery of high-voltage direct current (HV DC) submarine cables. The 660ft VCV tower, upon completion, is expected to be the tallest structure in the Commonwealth of Virginia and stated to become the tallest between Philadelphia, Pennsylvania, and Charlotte, North Carolina. This project is scheduled for completion by the third quarter of 2027, with the facility expected to be fully operational by the first quarter of 2028. The project will unfold in multiple phases, with the planned subsequent stages allowing LS GreenLink to increase its production capacity and advance technological capabilities to meet the changing demands of global infrastructure. The ground-breaking ceremony was attended by executives from LS GreenLink, elected officials, industry partners, and local community leaders. LS Cable & System regional president of North America Gisu Kim said: 'The development of this advanced manufacturing facility highlights LS Cable & System's continued commitment to the United States. This project not only strengthens our global production capabilities but also contributes directly to local economic growth and the advancement of the region's energy infrastructure. "We are proud to support the communities where we operate and look forward to the positive impact this facility will have across the broader energy sector.' Virginia governor Glenn Youngkin said: 'The commencement of this facility in Chesapeake is a proud moment for Virginia. This investment strengthens our leadership in innovation, energy, and manufacturing while creating hundreds of new jobs. "LS GreenLink's commitment to developing advanced energy infrastructure here exemplifies the innovative and impactful growth we are seeing across the Commonwealth.' "LS GreenLink USA breaks ground on HV DC submarine cables manufacturing facility" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Wire
29-04-2025
- Business
- Business Wire
LS GreenLink Commences Development of Advanced Manufacturing and Port Facility in Chesapeake, Virginia
CHESAPEAKE, Va.--(BUSINESS WIRE)-- LS GreenLink USA, Inc. ("LS GreenLink"), a subsidiary of LS Cable & System Ltd. ('LS Cable & System'), today officially commenced construction on its state-of-the-art manufacturing and port facility in Chesapeake, Virginia. This significant project represents a major advancement in bolstering global energy infrastructure, with the initial phase representing an investment exceeding $681 million and the creation of more than 330 new jobs in the region. The initial phase of the development will encompass a 750,000 sq. ft. advanced manufacturing plant, a 660-foot VCV (Vertical Continuous Vulcanization) tower, and a dedicated pier, all designed to enhance the production, handling, and global delivery of HVDC (high-voltage direct current) submarine cables critical to modern energy infrastructure. The 660-foot VCV tower is projected to be the tallest structure in the Commonwealth of Virginia and the tallest structure between Philadelphia, Pennsylvania, and Charlotte, North Carolina, underscoring the facility's significant contribution to the regional skyline. Bon-Kyu Koo, President & CEO of LS Cable & System, said, 'This groundbreaking marks a monumental step forward for LS Cable & System in fulfilling our global vision for energy infrastructure. By investing in cutting-edge manufacturing facilities like the one in Chesapeake, Virginia, we not only strengthen our competitive position in the global market but also play a crucial role in providing innovative solutions to meet the world's growing energy demands. The success of this project will enhance our global footprint and contribute significantly to the advancement of sustainable energy systems worldwide.' Gisu Kim, Regional President of North America at LS Cable & System, emphasized the significance of the new facility, stating, 'The development of this advanced manufacturing facility highlights LS Cable & System's continued commitment to the United States. This project not only strengthens our global production capabilities but also contributes directly to local economic growth and the advancement of the region's energy infrastructure. We are proud to support the communities where we operate and look forward to the positive impact this facility will have across the broader energy sector.' 'This groundbreaking event represents far more than the launch of a construction project - it marks the start of a long-term investment in innovation, sustainability, and energy resilience,' said Patrick Y. Shim, Managing Director of LS GreenLink USA, Inc. 'With this facility, LS GreenLink is laying the foundation for leadership in advanced manufacturing while reinforcing the global energy infrastructure that powers industries and communities worldwide.' Virginia Governor Glenn Youngkin remarked, 'The commencement of this facility in Chesapeake is a proud moment for Virginia. This investment strengthens our leadership in innovation, energy, and manufacturing while creating hundreds of new jobs. LS GreenLink's commitment to developing advanced energy infrastructure here exemplifies the innovative and impactful growth we are seeing across the Commonwealth.' U.S. Senator Mark Warner stated, 'I've been proud to support this project, and am thrilled to finally celebrate the groundbreaking of this manufacturing and port facility. This investment by LS GreenLink will be tremendous for Chesapeake, and for Virginia as a whole, bringing high-quality, good-paying jobs to the region while continuing the Commonwealth's leadership in energy investment and infrastructure.' 'I'm thrilled to be breaking ground with LS GreenLink on its Hampton Roads cable manufacturing and pier facility, and I'm proud that this project was facilitated by tax credits in the Inflation Reduction Act that I fought to pass,' said U.S. Senator Kaine. 'This facility will create hundreds of high-quality, good-paying jobs, boost the region's economy, and affirm Virginia's global status as a clean energy hub.' U.S. Representative Bobby Scott shared, 'I am proud to welcome LS GreenLink to Virginia's Third Congressional District. Hampton Roads is a leader in offshore wind production and this subsea cable facility is an important piece of the domestic offshore wind supply chain. Thanks to the Inflation Reduction Act, LS GreenLink is utilizing tax credits for projects that expand clean energy. The manufacturing tax credits, which I spearheaded with my colleagues, are bringing high-paying jobs to our local economy and I look forward to seeing the completed facility.' 'This groundbreaking ceremony represents not just a significant investment in the City of Chesapeake but also for the Hampton Roads community,' said Chesapeake City Mayor Rick West. 'This investment represents a huge step for the region's clean energy and offshore wind industries. LS GreenLink's decision to locate in Chesapeake proves the City's and region's commitment to clean, renewable energy. We look forward to future investment from LS and a continued partnership with South Korea.' Doug Smith, President & CEO of Hampton Roads Alliance, commented, 'The Hampton Roads region has long been recognized for its strong maritime and manufacturing capabilities. This significant investment from LS GreenLink in Virginia not only enhances our regional economy but further establishes Hampton Roads as a hub for innovation and advanced manufacturing in the energy sector. We are excited to support LS GreenLink in this endeavor.' Finally, David White, Executive Director of Virginia Maritime Association, added, 'The development of this advanced manufacturing facility in Chesapeake aligns with the strategic growth of Virginia's maritime industry. This project will provide critical infrastructure for the global energy supply chain while creating high-quality jobs in the region. We are proud to be part of this exciting development and look forward to its future success.' The initial phase is expected to be completed by the third quarter of 2027, with the facility fully operational by the first quarter of 2028. Subsequent phases of the project are planned, allowing LS GreenLink to expand its production capacity and technological capabilities in response to evolving global infrastructure requirements. The groundbreaking ceremony brought together executives from LS GreenLink, elected officials, industry partners, and local community leaders, all of whom expressed their support for the project's positive economic and strategic impact on the region. About LS Cable & System Ltd. Founded in 1962, LS Cable & System Ltd. is a global leader in power and communication cables and systems. With over 6,500 employees and 35 subsidiaries in 17 countries, LS Cable & System continues to drive innovation in energy transmission and distribution. For more information, visit
