LS GreenLink USA, Inc., the U.S. subsidiary of the South Korean cable manufacturing company LS Cable, said it will construct a new $681 million subsea cable manufacturing facility at the Deep Water Terminal Site in Chesapeake. (Graphic: Business Wire)
CHESAPEAKE, Va.—LS GreenLink USA, Inc., the U.S. subsidiary of the South Korean cable manufacturing company LS Cable, is planning to construct a new $681 million subsea cable manufacturing facility at the Deep Water Terminal Site in Chesapeake, the company said in a release from Chesapeake Economic Development (CED).
The facility will specialize in production of advanced subsea cables that are integral to the global supply chain for offshore wind farms and renewable energy projects. Locating the facility at the Deep Water Terminal Site will allow LS GreenLink to use Chesapeake’s strategic location and expansive logistics network to easily access key markets and resources, according to the release.
“LS GreenLink’s investment in Virginia will showcase the Commonwealth as a leader in offshore wind industry manufacturing,” said Governor Glenn Youngkin, in the release. “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.”
The collaboration between LS GreenLink and the city of Chesapeake is said to set a benchmark for future developments and reflect the city’s commitment to the offshore wind industry. The project “marks a new era of economic vitality and technological advancement for Chesapeake, Virginia,” according to the release.
This investment is said to mark the largest capital investment for any project in the history of the City of Chesapeake.
“We are beyond thrilled to welcome LS GreenLink to Chesapeake,” said Chesapeake Mayor Rick West. “This transformative project not only strengthens our local economy but also solidifies Chesapeake’s status in the offshore wind manufacturing industry. The significant job creation and investment from LS GreenLink are a testament to our city’s commitment to clean energy projects. We are also excited about our new partnership with South Korea and believe that this project will serve as a gateway to more collaborative opportunities between the great city of Chesapeake and other South Korean companies.”
Chesapeake City Manager Chris Price emphasized the strategic importance of this development.
“The introduction of LS GreenLink’s subsea cable manufacturing facility brings immense benefits to Chesapeake, including the creation of over 330 new full-time positions, with annual salaries averaging around $76,000. This influx of employment opportunities will uplift our community, while the increased tax revenue will enable us to invest in critical infrastructure and quality of life improvements, ensuring a brighter future for Chesapeake.”
According to the release, LS GreenLink was awarded $99,060,000 in Qualifying Advanced Energy Project Credits (48C) prior to announcing the project. Established by the American Recovery and Reinvestment Act of 2009 and expanded under the Inflation Reduction Act of 2022, Qualifying Advanced Energy Project Credits (48C) are awarded to certified qualifying advanced energy projects to encourage growth in the renewable energy sector.
“This state-of-the-art facility represents our commitment to pushing the boundaries of technology and engineering,” said LS Cable & System President and CEO Bon-Kyu Koo, in the release. “This facility will not only enhance our capability to meet the growing global demands for submarine power cables but will also position us at the forefront of the industry.”