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LS GreenLink, a subsidiary of LS Cable & System, has selected a 98-acre brownfield site in Chesapeake, Va. for its new submarine power cable manufacturing facility.
LS GreenLink is investing over $680 million in the new facility as part of its parent company’s global expansion strategy.
“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,” says Patrick Y. Shim, managing director of LS GreenLink.
In March, the project was awarded $99 million in investment tax credits under the Inflation Reduction Act. The company is additionally 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.
The facility is expected to begin operations by 2027. |
