LS GreenLink, a subsidiary of South Korea’s LS Cable & System Ltd. (LS C&S), plans to build a plant to make high-voltage submarine power cables in the U.S., a project that it notes is a part of a long-term strategic plan for global expansion.

A press release did not cite specific details about the size of the plant or the number of employees, but it did note that only one European company now operates a submarine cable factory in the U.S. LS C&S said that it “anticipates leveraging its early entry into the U.S. market to gain a significant competitive advantage while exploring opportunities to build submarine cable plants in Europe and Vietnam as well as in the United States.”

LS Green Link will get a substantial investment tax credit from the United States Department of Energy (DOE) as it has qualified for $99,060,000 in investment tax credits under Section 48C of the Inflation Reduction Act of 2022. That support 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,” said Daniel Ko, who heads LS C&S’s Global Submarine Cable System Division.

LS C&S has over 6,450 employees and 35 subsidiaries in 17 countries. It reported that it is in “the final stages of reviewing the site and the scale of investment for its U.S. high-voltage submarine power cable factory.”