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South Korean subsea cable manufacturer LS Cable & System has decided to expand its offshore wind business with plans to maximise the synergistic effect of cooperating with its subsidiaries to deliver solutions to the offshore wind industry. Starting on 24 March with its subsidiary LS Materials, four LS Cable & System subsidiaries plan to reflect “investment, operation, and technology development of offshore wind power and energy-related businesses” in their business objectives through their general shareholders’ meetings. LS Materials, which supplies ultracapacitors (UC) for the pitch control system of wind power generators, is pursuing the supply of grid systems for stabilising the renewable energy power grid. Two LS Cable & System subsidiaries, Gaon Cable and LS Eco Energy, will boost investments and operations in the offshore wind subsea cable business, while LS Marine Solutions will expand its vessel operation business. LS Cable & System says that with the offshore wind business expansion, it aims to strengthen its competitiveness across the entire offshore wind value chain and expand its eco-friendly energy portfolio. “This business expansion is intended to proactively respond to market expansion, such as the announcement of the Offshore Wind Power Special Act and the promotion of the ‘West Coast Energy Expressway’. LS Cable & System plans to lead the offshore wind power market based on its experience in building the only HVDC submarine transmission network in Korea”, LS Cable & System said in a press release on 24 March. The South Korean company has already been contracted for subsea cable solutions on several offshore wind projects in both Koreas as well as in Europe. |
