Photograph) Attendees at the Investment Agreement Ceremony for the Expansion of LS Cable & System’s Factory held at the Gangwon Provincial Office on the 3rd. (From the third left) Gangwon Province Governor Kim Jin-tae, LS Cable & System CEO Koo Bon-gyu, Donghae Mayor Shim Gyu-eon, LS Eco Energy CEO Lee Sang-ho, and LS Cable & System Subsea Production Division Director Kim Won-bae.


■ Plan to quadruple HVDC production by constructing submarine cable factory #5
■ HVDC market growing due to expansion of energy security and renewable energy
■ LS Marine Solutions plans early entry into global market with LS Eco Energy


LS Cable & System announced on the 3rd that it has signed an investment agreement with Donghae City, Gangwon Province, and will invest about KRW 100 billion in Donghae City to expand its submarine cable factory.
 
The investment will be used to build submarine cable factory #5 with a total floor area of ​​19,451 m². When factory #5 is completed in the second half of next year, the HVDC cable production capacity will increase by about four times.
 
This additional investment for expansion was decided on less than a year after the decision in August last year to invest KRW 155.5 billion in submarine cable factory #4.
 
In May of last year, LS Cable & System completed submarine cable factory #4, Korea's only and Asia's largest HVDC cable factory.
 
Compared to AC, HVDC has the advantage of sending a large amount of current over long distance with low loss, so its use is increasing, especially in long-distance transmission networks. HVDC cables are also used for renewable energy such as offshore wind power and solar power.
 
“With the increase of renewable energy to achieve global ‘energy security’ and carbon neutrality, the HVDC market continues to grow, especially in Europe and the United States," said an official from the company. "We will enter the market early by expanding domestic and foreign investment.”
 
LS Cable & System has recently been making efforts to expand the market through cooperation with its subsidiaries, such as the construction of a U.S. plant, the facility investment by LS Marine Solutions, and the promotion of LS Eco Energy's business in Europe and Asia.