A South Korean energy company with a $3 trillion market cap is getting millions from Virginia to build a submarine cable manufacturing facility in Chesapeake.
Gov. Glenn Youngkin announced on Tuesday that he had approved a $13.2 million grant from the Commonwealth’s Opportunity Fund to help LS GreenLink USA, a subsidiary of LS Corp., with the $681 million project, which will create more than 330 full-time jobs, according to a press release from the governor’s office.
“LS GreenLink’s investment in Virginia will showcase the Commonwealth as a leader in offshore wind industry manufacturing,” Youngkin said in a statement in the release. “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.”
“This state-of-the-art facility represents our commitment to pushing the boundaries of technology and engineering,” said Bon-Kyu Koo, the president and CEO of LS Cable & System, a trillion-dollar subsidiary of LS Corp. “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.”
“We look forward to being an active member of the business community in Virginia,” said Patrick Y. Shim, managing director of LS GreenLink USA. “We would like to extend our sincere gratitude to our partners at the Virginia Economic Development Partnership, the Chesapeake Economic Development Authority, and the Hampton Roads Alliance.”
LS Cable & System, which was founded in 1962, has more than 6,450 employees and 35 subsidiaries in 17 countries.
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Chris Graham
