Latest news with #LSGreenLink
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
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.
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
Yahoo
29-04-2025
- Business
- Yahoo
LS GreenLink Commences Development of Advanced Manufacturing and Port Facility in Chesapeake, Virginia
Over $681 Million Investment in phase 1 to Generate More Than 330 New Employment Opportunities; Additional Phases Planned CHESAPEAKE, Va., April 29, 2025--(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 View source version on Contacts Media Contact: LS GreenLink USA, Y. ShimManaging Directorpress@
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.
