Evergreen Advisors Location Strategies, a premier site selection team that specializes in optimizing business operations through strategic relocations, expansions, and consolidations, is pleased to share that our client, LS GreenLink USA, Inc. (“LS GreenLink”), a wholly-owned subsidiary of LS Cable & System Ltd. (“LS C&S”), has selected a 98-acre brownfield site in Chesapeake, Virginia, for its new state-of-the-art submarine power cable manufacturing facility.
LS GreenLink is investing over $680 million in the new facility as part of LS C&S’s long-term global expansion strategy. This strategically located site, within the Hampton Roads Beltway along the Elizabeth River, will enhance LS GreenLink’s ability to meet global demand for submarine power cables.
“This cutting-edge facility underscores our dedication to advancing technology and engineering. It will not only bolster our capacity to meet the increasing global demand for submarine power cables but also establish us as a leader in the industry,” stated Bon-Kyu Koo, President & CEO of LS Cable & System. “We are excited to join the Virginia business community and are grateful to our partners at the Virginia Economic Development Partnership, the Chesapeake Economic Development Authority, and the Hampton Roads Alliance,” added Patrick Y. Shim, Managing Director of LS GreenLink.
In March 2024, the project was awarded $99 million in investment tax credits under Section 48C of the Inflation Reduction Act of 2022, also known as the “Qualifying Advanced Energy Project Credit Program.” Additionally, LS GreenLink is receiving financial incentives provided by the Commonwealth of Virginia and the City of Chesapeake, facilitated through the Virginia Economic Development Partnership and the Chesapeake Economic Development Authority.
Tax Incentives Enhance Project Viability
“LS GreenLink’s investment in Virginia will showcase the Commonwealth as a leader in offshore wind industry in manufacturing,” said Governor Glenn Youngkin. “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.”
“We congratulate LS GreenLink on announcing their new HVDC Subsea Cable Factory in Chesapeake, VA. Tuesday’s announcement marks the culmination of over two years of hard work by LS, Evergreen Location Strategies (ELS), and many others across the US,” said Jacob DiMattia, Vice President of Evergreen’s Location Strategies practice. “Leading LS’ site selection, ELS evaluated over 15 states, numerous communities, and close to 100 sites. After assessing workforce, supply chain, site characteristics, tax environment, and incentives, we advised that Chesapeake, Virginia, offered LS GreenLink the best opportunity for success. We greatly appreciated working with the teams at VEDP, Chesapeake Economic Development, and the Hampton Roads Alliance. We’d also like to recognize Norfolk Economic Development for their pivotal support early in the Project. Our work continues, and the ELS team looks forward to LS Cable & System and LS GreenLink’s success with their new factory in Chesapeake, VA.”
“The Inflation Reduction Act continues to deliver for Virginia,” said U.S. Senator Mark Warner. “Thanks to this once-in-a-generation legislation, the clean energy industry is growing, and Virginia is benefiting. Made possible by this historic legislation, LS GreenLink’s facility will help support the burgeoning U.S. offshore wind industry, bring hundreds of new jobs to Hampton Roads, and drive investment in the region.”
“This is an exciting announcement for Chesapeake and the entire Hampton Roads region,” said Delegate Cliff Hayes. “An investment of this size with over 330 high-quality jobs will bring significant opportunities to our community. Our region is fortunate to be home to LS GreenLink USA.”
The Virginia Economic Development Partnership collaborated with the City of Chesapeake and the Hampton Roads Alliance to bring this project to Virginia. Governor Glenn Youngkin approved a $13.2 million grant from the Commonwealth’s Opportunity Fund to support the City of Chesapeake with this project. Additionally, LS GreenLink is eligible for state benefits from The Port of Virginia Economic and Infrastructure Development Zone Grant Program.
The facility is expected to hire over 330 employees and begin operations by the end of 2027. This initiative represents a significant investment in the region and will contribute to the local economy and the advancement of renewable energy infrastructure globally.
About 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 6,500 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.
About Evergreen Advisors Location Strategies
Evergreen Advisors Location Strategies (ELS) is a premier site selection team that specializes in optimizing business operations through strategic relocations, expansions, and consolidations. ELS is currently working on-site location strategy projects in over 20 states and multiple countries, and their expertise in site selection, community assessments, and labor market analyses, acquired over 30 years, allows communities to proactively create development plans that thrive in changing economic landscapes, ensuring they stay ahead of the competition in attracting top talent and target industries.
About Evergreen Advisors
Evergreen Advisors is a middle-market investment bank and corporate advisory firm focused on servicing organizations throughout their financial lifecycles to drive successful outcomes. Serving the Mid-Atlantic region including Maryland, Washington D.C., Virginia, and Pennsylvania, Evergreen Advisors, LLC was formed in 2001 to provide innovative and strategic solutions to meet our client’s evolving business needs.