LS GreenLink USA, Inc. (“LS GreenLink”), a wholly-owned
subsidiary of LS Cable & System Ltd. (“LS C&S”), has
selected a 98-acre brownfield site in Chesapeake, Virginia, for its
new state-of-the-art submarine power cable manufacturing facility.
This strategically located site, within the Hampton Roads Beltway
along the Elizabeth River, will enhance LS GreenLink's ability to
meet global demand for submarine power cables.
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LS GreenLink is investing over $680 million in the new facility
as part of LS C&S’s long-term global expansion strategy.
“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,”
stated Bon-Kyu Koo, President & CEO of LS Cable &
System. “We are excited to join the Virginia business community
and are grateful to our partners at the Virginia Economic
Development Partnership, the Chesapeake Economic Development
Authority, and the Hampton Roads Alliance,” added Patrick Y.
Shim, Managing Director of LS GreenLink.
In March 2024, the project was awarded $99 million in investment
tax credits under Section 48C of the Inflation Reduction Act of
2022, also known as the “Qualifying Advanced Energy Project Credit
Program.” Additionally, LS GreenLink is receiving financial
incentives provided by the Commonwealth of Virginia and the City of
Chesapeake, facilitated through the Virginia Economic Development
Partnership and the Chesapeake Economic Development Authority.
“LS GreenLink’s investment in Virginia will showcase the
Commonwealth as a leader in offshore wind industry in
manufacturing,” said Governor Glenn Youngkin. “LS GreenLink
has recognized 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.”
“We are proud that LS GreenLink has chosen the Commonwealth of
Virginia to build its submarine cable facility and become a partner
in advancing our goal of becoming the market leader in offshore
wind technology, development, and deployment,” said Secretary of
Commerce and Trade Caren Merrick.
“I’m thrilled hundreds of clean energy manufacturing jobs are
headed to Virginia thanks to the Inflation Reduction Act,” said
U.S. Senator Tim Kaine. “LS GreenLink’s decision to build a
facility in Chesapeake is a testament to Hampton Roads’ talented
workforce and strong community. This new facility is a win for
workers, our economy, and all who rely on clean energy.”
“The Inflation Reduction Act continues to deliver for Virginia,”
said U.S. Senator Mark Warner. “Thanks to this
once-in-a-generation legislation, the clean energy industry is
growing, and Virginia is benefiting. Made possible by this historic
legislation, LS Greenlink’s facility will help support the
burgeoning U.S. offshore wind industry, bring hundreds of new jobs
to Hampton Roads, and drive investment in the region.”
“Today’s announcement cements Virginia’s role as a leader in
offshore wind manufacturing as well as deployment,” said
Congressman Bobby Scott. “The Biden-Harris Administration’s
ambitious efforts to expand offshore wind, with additional
investment from the Commonwealth, are creating good jobs in our
communities. As a co-chair of the Offshore Wind Caucus, I am proud
that a tax credit provision I authored in the Inflation Reduction
Act is catalyzing investments in the domestic supply chain for
offshore wind, generating clean domestic energy and creating good
jobs nationwide, but especially here in Hampton Roads.”
“I am delighted to welcome LS GreenLink USA to the 18th Senate
District,” said Senator Louise Lucas. “Their decision to
choose Chesapeake for their subsea cable manufacturing facility
will provide significant job opportunities for our citizens and
solidify the Hampton Roads region’s position as a leader in the
offshore wind industry. It’s exciting to see the investments we’ve
made in infrastructure and workforce training resulting in these
economic development wins.”
“This is an exciting announcement for Chesapeake and the entire
Hampton Roads region,” said Delegate Cliff Hayes. “An
investment of this size with over 330 high-quality jobs will bring
significant opportunities to our community. Our region is fortunate
to be home to LS GreenLink USA.”
“I would like to congratulate LS GreenLink USA on the decision
to locate their first U.S. offshore wind cable manufacturing
facility in the City of Chesapeake,” said Hampton Roads Alliance
President and CEO Doug Smith. “This is a significant event. In
addition to the direct benefits to the Hampton Roads economy, this
decision reflects our region’s desire and ability to serve as one
of the primary hubs of the offshore wind industry in the U.S. We
eagerly celebrate this announcement and will continue working to
grow the offshore wind industry in Hampton Roads.”
“This significant investment by a world-leader in subsea cable
manufacturing enhances Virginia’s reputation as the East’s premier
offshore wind logistics hub,” said Stephen A. Edwards, CEO and
executive director of the Virginia Port Authority. “This
strategic decision demonstrates how competitive Virginia is in
attracting world-class industry and how the offshore wind industry
in Virginia is gaining momentum. The port is ready to support
GreenLink’s nearly $700 million investment in Chesapeake, and we
look forward to building a collaborative and productive
relationship with the newest member of the offshore wind
community.”
“The Virginia Maritime Association welcomes LS GreenLink USA as
a strategic investor in our commercial waterfront and the newest
member of our maritime community,” said Virginia Maritime
Association Executive Director David White. “Our staff
diligently worked with our economic development partners and the LS
team to locate the best site on the Eastern Seaboard for their
manufacturing operations to support the growing offshore wind
industry, taking advantage of Virginia's deep channels, established
supply chain, and skilled workforce. LS GreenLink USA clearly
understands the Virginia advantage.”
The Virginia Economic Development Partnership collaborated with
the City of Chesapeake and the Hampton Roads Alliance to bring this
project to Virginia. Governor Glenn Youngkin approved a $13.2
million grant from the Commonwealth’s Opportunity Fund to support
the City of Chesapeake with this project. Additionally, LS
GreenLink is eligible for state benefits from The Port of Virginia
Economic and Infrastructure Development Zone Grant Program.
The facility is expected to hire over 330 employees and begin
operations by the end of 2027. This initiative represents a
significant investment in the region and will contribute to the
local economy and the advancement of renewable energy
infrastructure globally.
LS CABLE & SYSTEM LTD. Founded in 1962, LS C&S is
a global leader in power and communication cables and systems,
which develops and provides cable solutions for power grids and
communication networks around the world. LS C&S has over 6,500
employees and 35 subsidiaries in 17 countries. LS C&S is a
subsidiary of LS Corp., a global industrial conglomerate
headquartered in South Korea. Please visit www.lscns.com for more
information.
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version on businesswire.com: https://www.businesswire.com/news/home/20240709927683/en/
MEDIA LS GreenLink USA, Inc. Patrick Y. Shim,
Managing Director press@ls-csa.com
Evergreen Location Strategies, LLC Jeff Reed, SVP &
VP of Location Strategies jreed@evergreenadvisorsllc.com
Jacob Di Mattia, VP of Location Strategies
jdimattia@evergreenadvisorsllc.com