U.S. Undersea Cable Production Facility Begins Construction
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South Korean power cable giant, LS Cable & System, is breaking ground on the largest US factory for high-voltage direct current (HVDC) subsea cables in none other than Virginia! 🎉
LS Cable & System's US subsidiary, LS GreenLink, announced that it's pouring a whopping EUR 681 million into this bad boy, making it the biggestfactory of its kind in the US. 🤑
The factory will be plopped down on a 396,700 square meters brownfield site in Chesapeake, with the facility itself taking up 70,000 square meters. Throw in over 330 full-time jobs, and you've got yourself a can't-miss opportunity! 💼
Construction's set to wrap up by the third quarter of 2027, with mass production starting in the first quarter of 2028. And, if demand skyrockets like Kim Ki-soo, CEO of LS GreenLink, predicts, the factory's set to expand! 🚀
Here's what Kim Ki-soo had to say, "We've already secured 18 months' worth of volume for export to Europe. The US's AI data center power demand in 2024 is expected to reach 32 GW, half of Korea's annual power demand (62 GW), and by 2030, it's expected to more than triple to 120 GW, which will rapidly increase demand for cables as well." 📈
As for Chesapeake Mayor, Rick West, he ain't shy about the investment either, "This investment is the largest single private investment in Chesapeake's history, and it will serve as an opportunity for Chesapeake to leap forward as a key hub in the global energy supply chain." 💸
That's not all, folks! This investment's also a big win for Virginia, positioning them at the forefront of clean energy innovation and manufacturing. With Virginia Governor Glenn Youngkin, Senator Tim Kaine, and Senator Tim Kaine's support, it's only a matter of time before Virginia becomes a major player in the offshore wind industry. 🌪️
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Related Read:
LS Cable & System to Build 'Largest US Subsea Cable Factory' in Virginia
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- The new factory, being built by LS Cable & System in Virginia, is an investment of EUR 681 million in the manufacturing industry, specializing in high-voltage direct current (HVDC) subsea cables.
- The energy sector could potentially benefit from this investment, as the factory's location in Chesapeake, Virginia, places it at the center of the global energy supply chain.
- By 2025, the US's AI data center power demand is expected to reach 32 GW, and by 2030, it's projected to more than triple to 120 GW, increasing demand for energy solutions like those provided by the HVDC subsea cables manufactured in this factory.
- In addition to its domestic potential, the factory has secured 18 months' worth of volume for export to Europe, positioning it as a key player in the international greenlink pipeline.
- With the support of Virginia Governor Glenn Youngkin, Senator Tim Kaine, and Senator Mark Warner, this factory could help Virginia become a major player in the offshore wind industry by 2025.
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