South Korea's LS Cable to invest over $100 million to build U.S. submarine cable factory

It has been revealed that LS Cable, a major Korean electric cable manufacturer, will invest approximately 1 trillion won (approximately 116.5722 billion yen) to build South Korea's largest undersea cable factory in the United States.
The factory will be built in the Elizabeth River basin in Chesapeake, Virginia. The site area is 396,700 square meters, and the total factory floor area is 70,000 square meters.
Construction is scheduled to begin in 2025 and be completed in 2027. It will also feature a 200-meter power cable production tower, which the company says is the tallest in the world.
The company expects the U.S. submarine cable market to grow at an average rate of more than 30% annually.
LS Cable explained that "Most of the offshore wind power plants in the U.S. are located along the eastern seaboard, and Chesapeake is an ideal location for shipping and transporting products from our factories."
The Virginia state government, where the plant will be built, will provide subsidies and tax breaks of approximately $48 million (USD). The company will also receive $9.9 billion from the U.S. Department of Energy (DOE).
The U.S. has secured $147 million in aid from both the IRA and the Inflation Control Act (IRA), which would have provided $100 million in aid.
This will be the largest electric wire company to enter the country.