Industrial

CHESAPEAKE, VA. — LS GreenLink USA Inc., a wholly owned subsidiary of LS Cable & System Ltd., has unveiled plans to build a new submarine power cable manufacturing facility in Southeast Virginia’s Chesapeake. The company is investing more than $680 million in the new facility as part of its long-term global expansion strategy. The 98-acre brownfield site is located within the Hampton Roads Beltway along the Elizabeth River near The Port of Virginia. The company says the project will enhance its ability to meet the global demand for submarine power cables, which allow electricity and internet connectivity to span waterways. The cables are particularly useful for bringing power to land cities from offshore wind farms. In March, 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. The Commonwealth of Virginia and the City of Chesapeake are also providing financial incentives to LS GreenLink through the Virginia Economic Development Partnership and the Chesapeake Economic Development Authority. The Virginia Economic Development Partnership collaborated with the City of Chesapeake and the Hampton Roads Alliance to bring the project to Virginia. Gov. Glenn …