CHESAPEAKE, Va.--(BUSINESS WIRE)--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.
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.
