Seoul, South Korea, April 19, 2024–(BUSINESS WIRE)–LS Cable & System Ltd. (“LS C&S”) announced that the U.S. Department of Energy (“DOE”) has provided $99.06 million in funding to LS GreenLink USA, Inc. (“LS GreenLink”). We welcome the announcement that it has been granted. Investment tax credit under section 48C of the Suppression of Inflation Act 2022. Also known as the Qualified Advanced Energy Project Credit Program (“48C”).
LS GreenLink, a wholly owned subsidiary of LS C&S, plans to build a state-of-the-art manufacturing facility in the United States to produce high-voltage submarine power cables as part of LS C&S’ long-term strategic plan. Its global expansion.
“We are honored that the Department of Energy has selected LS GreenLink for the 48C investment tax credit,” said Daniel Koh, senior vice president of LS C&S’ Global Submarine Cable Systems Division. “Support from the Department of Energy will help LS GreenLink meet the surge in global demand for submarine cables and alleviate significant supply chain issues in the U.S. offshore wind industry.”
The new manufacturing facility by LS GreenLink is designed to optimize large-scale clean power transmission, specializing in the production of high-voltage submarine power cables that are essential to the global supply chain for offshore wind power.
“Our new manufacturing facility will provide advanced manufacturing capabilities that will create many quality jobs and support the U.S. clean technology industry,” said Patrick Y. Sim, managing director of LS GreenLink. Stated. “We expect to announce more details about the project in the coming weeks.”
LS C&S and LS GreenLink were advised by KPMG LLP and Akin Gump Stauss Hauer & Feld LLP on the 48C application, and McKinsey & Company, Evergreen Location Strategies LLC, K&L Gates LLP, and Hunton Andrews Kurth LLP on this project. I received it.
LS Cable & System Co., Ltd.
Founded in 1962, LS C&S is a global leader in power and communications cables and systems, developing and delivering cable solutions for power grids and communications networks around the world. LS C&S has over 6,450 employees and 35 subsidiaries in 17 countries. LS C&S is a subsidiary of LS Corp., a global conglomerate headquartered in South Korea. For more information, please visit www.lscns.com.
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contact address
LS GreenLink USA, Inc.
Patrick Y. Sim, Managing Director
press@ls-csa.com
Akin Gump Staus Hauer & Feld LLP
Roger P. Murray, Senior Policy Advisor
1-202-416-5119
rmurry@akingump.com
