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 Youngkin approved a $13.2 million grant from the commonwealth’s Opportunity Fund to support the city on the development. Additionally, LS GreenLink is eligible for state benefits from The Port of Virginia Economic and Infrastructure Development Zone Grant Program.
“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.,” says Doug Smith, president and CEO of the Hampton Roads Alliance.
The facility is expected to employ more than 330 workers and begin operations by the end of 2027.
LS Cable & System develops and provides cable solutions for power grids and communication networks worldwide. Founded in 1962, the company is a subsidiary of LS Corp., an industrial conglomerate headquartered in South Korea.
— Kristin Harlow