LS Cable & System Welcomes $99 Million Investment Tax Credit Under Section 48C of the Inflation Reduction Act
April 19 2024 - 6:00PM
Business Wire
LS Cable & System Ltd. (“LS C&S”) welcomes the
announcement that the United States Department of Energy (“DOE”)
awarded LS GreenLink USA, Inc. (“LS GreenLink”) $99,060,000 in
investment tax credits under Section 48C of the Inflation Reduction
Act of 2022, also known as the Qualifying Advanced Energy Project
Credit Program (“48C”).
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LS GreenLink, a wholly-owned subsidiary of LS C&S, plans to
build a state-of-the-art manufacturing facility to produce
high-voltage submarine power cables in the United States, as a part
of LS C&S’s long-term strategic plan for its global
expansions.
“We are honored that the Department of Energy selected LS
GreenLink to receive 48C investment tax credits,” said Daniel Ko,
Senior Vice President of LS C&S, who heads LS C&S’s Global
Submarine Cable System Division. “The support by the DOE will help
LS GreenLink meet the global surge in demand for submarine cables
and alleviate the significant supply chain problems in the offshore
wind industry in the United States.”
The new manufacturing facility by LS GreenLink will specialize
in producing high-voltage submarine power cables, integral to the
global supply chain for offshore wind farms and designed to
optimize bulk clean-power transmission.
“Our new manufacturing facility will create many high-quality
jobs and bring advanced manufacturing capabilities to support the
clean technology industry in the United States,” said Patrick Y.
Shim, Managing Director of LS GreenLink. “We will 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
advised by McKinsey & Company, Evergreen Location Strategies
LLC, K&L Gates LLP and Hunton Andrews Kurth LLP on the
project.
LS CABLE & SYSTEM LTD.
Founded in 1962, LS C&S is a global leader in power and
communication cables and systems, which develops and provides cable
solutions for power grids and communication 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
industrial conglomerate headquartered in South Korea. Please visit
www.lscns.com for more information.
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LS GreenLink USA, Inc. Patrick Y. Shim, Managing Director
press@ls-csa.com Akin Gump Stauss Hauer & Feld LLP Roger
P. Murry, Senior Policy Advisor 1-202-416-5119
rmurry@akingump.com