LS Cable & System Welcomes $99 Million Investment Tax Credit Under Section 48C of the Inflation Reduction Act

SEOUL, South Korea--(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”).

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.