CHESAPEAKE, Va.–(BUSINESS WIRE)–LS GreenLink USA, Inc. the U.S. subsidiary of the South Korean cable manufacturing company LS Cable, has announced the construction of a new $681 million subsea cable manufacturing facility at the Deep Water Terminal Site in Chesapeake. Set to create 338 new jobs, LS GreenLink USA, Inc. will help to bolster the economy of not only Chesapeake, but the broader Hampton Roads region as well. This project signifies a substantial milestone for growth in the offshore wind industry and will position Chesapeake as a prime destination for future offshore wind and advanced manufacturing projects.
“LS GreenLink’s investment in Virginia will showcase the Commonwealth as a leader in offshore wind industry manufacturing,” said Governor Glenn Youngkin. He continued, “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.”
LS GreenLink’s facility will specialize in the production of advanced subsea cables, which 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 utilize Chesapeake’s strategic location and expansive logistics network to easily access key markets and resources. This investment highlights LS GreenLink’s commitment to innovation and excellence, and marks 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 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.”
City Manager Chris Price emphasized the strategic importance of this landmark 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.”
“This state-of-the-art facility represents our commitment to pushing the boundaries of technology and engineering,” said Bon-Kyu Koo, President & CEO of LS Cable & System. “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.”
Economic Development Director Steven Wright shared his enthusiasm for the project’s impact. “Securing LS GreenLink’s investment is a testament to Chesapeake’s international appeal and strategic importance in the global manufacturing market. Our city’s robust infrastructure and existing advanced manufacturing sector provide an ideal environment for innovative companies to thrive. This project will undoubtedly spur further growth and solidify our position as a leader in the offshore wind industry.”
The collaboration between LS GreenLink and the city of Chesapeake sets a benchmark for future developments and showcases the City’s commitment to the offshore wind industry. This project marks a new era of economic vitality and technological advancement for Chesapeake, Virginia.
Preston Wilhelm, Economic Development Deputy Director and Project Manager, highlighted the collaborative efforts that made this historic project possible. “Over the last two years, Chesapeake has worked with our state and regional partners to help bring this project to fruition. LS GreenLink’s investment exemplifies our strategic vision and our unwavering commitment to economic progress in the City of Chesapeake.”
Prior to announcing the project, LS GreenLink was awarded $99,060,000 in Qualifying Advanced Energy Project Credits (48C). 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.
About LS GreenLink: LS GreenLink is the U.S. subsidiary of LS Cable, a leading South Korean company specializing in the manufacturing of advanced cables and systems. LS Cable & System, headquartered in Anyang, South Korea, was established in May 1962 and is a worldwide leader in medium voltage, high voltage, and extra high voltage underground cables. With 21 subsidiary companies throughout the world, LS has more than 60 factories, sales, and production sites in 20 countries.
Contacts
Steven C. Wright
Director
Chesapeake Economic Development
Phone: 757-382-8040
