Today's Date: May 28, 2024
Extending a paw: Coach Dabo Swinney helps deliver My Special Aflac Duck® to children ahead of the Aflac Kickoff Game   •   PowerSchool to Participate in Upcoming Investor Conferences   •   Labrador Island Link Welcomes New Investor   •   Riverside Community Wellness Center graduates its first 24/7 Dads cohort   •   Melmark President and CEO Receives National Leadership Award   •   Water Recycling in Southern California Gets Major Funding Boost From Federal Government   •   TEACHERS FEDERAL CREDIT UNION RAISES MORE THAN $600,000 FOR CHILDREN'S MIRACLE NETWORK HOSPITALS®   •   Middle Bucks Students Celebrate Ten Years of Philanthropy Today   •   T-Mobile to Acquire UScellular Wireless Operations and Deliver Exceptional Value, a Superior 5G Experience and Unparalleled Bene   •   Meijer to Open First Grocery Format Store in Indiana on July 11 in Noblesville   •   Global SOS: Urgent Call to Revamp Pandemic Negotiations   •   Walmart Supports Northwest Arkansas Community Following Severe Storms   •   Working with Young Canadians to build a better, fairer future   •   The call for applications for the 2024-2025 Price McIntosh Bursary is open   •   Solis Mammography Announces Acquisition of MUSIC Imaging Center in Gainesville, Florida   •   Sallie Mae CFO to Speak at Morgan Stanley U.S. Financials, Payments, and CRE Conference   •   Mitsubishi Electric Launches Serendie™ Digital Platform for Value Co-creation   •   Worcester Polytechnic Institute Honored by Two Highly Esteemed Awards Celebrating Project-Based Learning   •   Ventas Issues Business Update   •   LA Pride Takes Over Universal Studios Hollywood on Saturday June 15 for "Pride is Universal" and Announces Talent from RuPaul's
Bookmark and Share

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

SEOUL, South Korea , April 19 /Businesswire/ - 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”).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240419812661/en/

(Photo: Business Wire)

(Photo: Business Wire)

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.


STORY TAGS: Photo/Multimedia, Contract/Agreement, Funding, Product/Service, Asia Pacific, South Korea, Other Manufacturing, Environment, Technology, Other Energy, Other Technology, Public Policy/Government, Alternative Energy, Manufacturing, Energy, Other Policy Issues,

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News