LS Cable & System announced on August 10 that it will expand its submarine cable facility infrastructure by investing an additional KRW 155 billion at its Donghae, Gangwon-do site.
This is a preemptive investment to smoothly respond to the surging demand for submarine cables as large-scale offshore wind power projects are in full swing in the global energy market.
"Projects worth trillions of won are being promoted in the global market due to carbon neutrality policies," said the company. "Through additional investment, LS Cable & System plans to enhance our submarine cable production capacity to respond to the rapidly growing market demand."
LS Cable & System plans to make follow-up investments following this KRW 150 billion investment. LS Cable & System is considering investments not only in Korea but also in Southeast Asia in order to take the lead in the global market.
LS Cable & System built the country's first submarine cable factory in Donghae in 2008 and has since invested about KRW 700 billion to strengthen its submarine business capabilities. In May, it completed Haejae 4, the only factory in Korea and the largest in Asia dedicated to HVDC submarine cables.
Meanwhile, the company also recently acquired a stake in KT Submarine (KTS), a subsea construction company, to strengthen its construction capabilities.
