LS Cable & System (LS C&S) subsidiary LS GreenLink USA has received $99 million in investment tax credits under Section 48C of the Inflation Reduction Act, awarded by the U.S. Department of Energy (DOE).
The company plans to build a manufacturing facility to produce high-voltage submarine power cables in the U.S.
“We are honored that the Department of Energy selected LS GreenLink to receive 48C investment tax credits,” says LS C&S’ Daniel Ko. “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.”
LS C&S and LS GreenLink were advised by KPMG and Akin Gump Stauss Hauer & Feld on the 48C application. The companies were additionally advised by McKinsey & Company, Evergreen Location Strategies, K&L Gates and Hunton Andrews Kurth on the project.
