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(Photo= LS Cable & System) |
[Alpha Biz= Reporter Kim Jisun] LS Cable & System receives over 130 billion won in subsidies from the US government. LS Cable's plan to expand its submarine cable business to the U.S. is expected to speed up.
LS Cable & System announced on the 21st that LS Green Link, a U.S. submarine business subsidiary, will receive $99.06 million (about 136.5 billion won) in investment tax credits as it was included in the U.S. Department of Energy (DOE)'s Inflation Reduction Act (IRA) support.
The U.S. Department of Energy said earlier that it will provide a total of $10 billion (about 13.79 trillion won) for eco-friendly energy and carbon neutral-related projects. Eligible targets include more than 100 areas such as power grids such as underground and underwater electric cables, renewable energy, electric vehicle supply chains, and battery and rare earth manufacturing and recycling.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
