Korea Eximbank Provides 300 Billion Won in Financial Support for LS Cable’s U.S. Submarine Cable Factory

LS Cable Invests 1 Trillion Won for Completion Next Year
Annual Production of 500 km of HVDC Cables Planned

The Export-Import Bank of Korea announced on August 24 that it will provide 300 billion won in financial support for LS Cable’s ongoing construction of the largest submarine cable factory in the United States.

LS Cable is investing approximately 1 trillion won to build the factory in Chesapeake, Virginia. Once completed in the second half of next year, the facility will be able to produce 500 kilometers of high-voltage direct current (HVDC) submarine cables annually. The manufactured submarine cables will be supplied to offshore wind farms in North America and Europe.

With this financial support from the Export-Import Bank of Korea, demand for LS Cable's HVDC submarine cables is expected to surge in the future. This is because global electricity demand is rapidly increasing due to factors such as the expansion of artificial intelligence (AI) data centers, while offshore wind power is emerging as a key energy source for achieving carbon neutrality. The bank anticipates that, through this support, LS Cable will be able to secure a leading position in the North American cable supply chain and expand its presence in the European market.

An official from the Export-Import Bank of Korea stated, "As the importance of power infrastructure in the AI era comes into the spotlight, the relevant market is expected to grow rapidly. HVDC submarine cables are a core component of AI data center power network construction, so we will actively provide preferential financial benefits to support domestic cable manufacturers’ market share expansion and to help them secure technological leadership."

This content was produced with the assistance of AI translation services.