LS Cable & System Gets $99M Tax Credit Under Section 48C
TL/DR –
The United States Department of Energy (DOE) has granted LS GreenLink USA, a subsidiary of LS Cable & System Ltd. (LS C&S), an investment tax credit of $99,060,000 under the Qualifying Advanced Energy Project Credit Program. LS GreenLink plans to use this funding to build a state-of-the-art manufacturing facility to produce high-voltage submarine power cables in the United States. The manufactured cables will assist the offshore wind industry, meet the global surge in demand for submarine cables, and help alleviate supply chain issues while supporting the clean technology industry in the United States.
LS Cable & System Welcomes $99 Million Investment Tax Credit From US Department of Energy
SEOUL, South Korea, Apr 19, 2024 – LS Cable & System Ltd. (“LS C&S”) has been awarded $99,060,000 in investment tax credits by the United States Department of Energy (“DOE”) under Section 48C of the Inflation Reduction Act of 2022. The tax credits were granted to LS GreenLink USA, Inc. (“LS GreenLink”), a wholly-owned subsidiary of LS C&S. Learn more about this here.
LS Cable & System’s Global Expansion Plans
LS GreenLink plans to build a state-of-the-art manufacturing facility in the United States to produce high-voltage submarine power cables. This is part of LS C&S’s strategic plan for global expansion. “We are honored to receive the 48C investment tax credits,” said Daniel Ko, Senior Vice President of LS C&S. “This will help us to meet the increased demand for submarine cables and address supply chain challenges in the offshore wind industry in the US.”
New Manufacturing Facility for Offshore Wind Farms
The new facility will specialize in producing high-voltage submarine power cables, crucial for offshore wind farms and optimizing bulk clean-power transmission. “Our new facility will generate high-quality jobs and support the clean technology industry in the US,” said Patrick Y. Shim, Managing Director of LS GreenLink. More details about the project will be announced in coming weeks.
About LS CABLE & SYSTEM LTD.
Established in 1962, LS C&S is a global leader in power and communication cables and systems. LS C&S, a subsidiary of LS Corp., a South Korean industrial conglomerate, develops and provides cable solutions worldwide. With over 6,450 employees and 35 subsidiaries in 17 countries, learn more about LS C&S on their website.
Contact Information
Contact LS GreenLink USA, Inc. through Patrick Y. Shim, Managing Director at press@ls-csa.com or Roger P. Murry, Senior Policy Advisor at Akin Gump Stauss Hauer & Feld LLP at rmurry@akingump.com or call 1-202-416-5119.
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