South Korea’s leading cable maker LS Cable & System Ltd. will invest 185.9 billion won ($161.3 million) to expand its submarine power cable output by 50 percent by 2023.

With the investment, it aims to add upgraded facilities including a 172-meter (5.64 feet) high power cable production tower to the second plant in Donghae, Gangwon Province, the company announced Sunday.

Construction starts in October for completion in April 2023, and its output is expected to increase by more than 50 percent once the construction is completed.

The company pins high hope on the new production facilities for its bigger share in the burgeoning subsea cable market in line with growing demand for new renewable energy sources.

“The subsea cable market is growing fast with increasing investment in renewable energy by countries for carbon neutrality. We’ve decided to expand investment in domestic plant to contribute to national economy, local economies and job creation,” said Myung Roe-hyun, its president & CEO.

LS Cable & System expects the new high-rise production tower would help it improve the insulation quality and productivity of its products because the vertical continuous vulcanizing enables to produce longer cables with structural safety at a higher height.

LS Cable & System has invested a total of 340 billion won after building the submarine cable plant commanding a floor space of 904,168 square feet in Donghae in 2008. The new line will command a space of 333,681 square feet.

By Lee Yu-sup and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]