LS Cable & System Ltd. (LS C&S) expresses its satisfaction regarding the recent announcement from the United States Department of Energy (DOE) regarding the allocation of $99,060,000 in investment tax credits to LS GreenLink USA, Inc. (LS GreenLink) under Section 48C of the Inflation Reduction Act of 2022, commonly referred to as the Qualifying Advanced Energy Project Credit Program (48C). LS GreenLink, a fully-owned subsidiary of LS C&S, intends to construct a cutting-edge manufacturing facility aimed at producing high-voltage submarine power cables within the United States, aligning with LS C&S’s comprehensive strategy for global expansion.
“We are pleased that the Department of Energy has chosen LS GreenLink as the recipient of 48C investment tax credits,” stated Daniel Ko, Senior Vice President of LS C&S and head of LS C&S’s Global Submarine Cable System Division. “The backing from the DOE will enable LS GreenLink to address the escalating global demand for submarine cables and alleviate significant supply chain challenges in the U.S. offshore wind sector.”
The forthcoming manufacturing facility by LS GreenLink will specialize in the production of high-voltage submarine power cables, crucial components of the global offshore wind farm supply chain, facilitating efficient bulk clean-power transmission.
“Our upcoming manufacturing facility will generate numerous high-quality employment opportunities and introduce advanced manufacturing capabilities to bolster the clean technology sector in the United States,” remarked Patrick Y. Shim, Managing Director of LS GreenLink. “Further details regarding the project will be disclosed in the forthcoming weeks.”
In securing this opportunity, LS C&S and LS GreenLink received advisory support from KPMG LLP and Akin Gump Stauss Hauer & Feld LLP for the 48C application, and counsel from McKinsey & Company, Evergreen Location Strategies LLC, K&L Gates LLP, and Hunton Andrews Kurth LLP for the project.
LS CABLE & SYSTEM LTD.
Established in 1962, LS C&S stands as a global frontrunner in power and communication cables and systems, providing innovative cable solutions for power grids and communication networks worldwide. With over 6,450 employees and 35 subsidiaries spanning 17 countries, LS C&S operates as a subsidiary of LS Corp., a prominent global industrial conglomerate headquartered in South Korea. For additional information, please visit www.lscns.com.
