LS Cable & System wins $55m Danish cable contractsMadeinkoreablog
LS Cable & System said Tuesday that it had signed contracts worth $55 million combined with two Danish energy companies, to supply extra high voltage cables.
According to the firm, LS-VINA, LS C&S’ Vietnamese branch, will supply cables to Energinet, a Danish national transmission system operator for electricity and natural gas, for three years starting 2017 under a deal worth $20 million (23 billion won).
In addition, LS C&S said it will supply cables to DONG Energy, Denmark’s largest energy company, under a deal worth $35 million.
The company also plans to provide cables for Hornsea Project One, which is DONG Energy’s project to build the world’s largest offshore wind farm off the eastern coast of Britain by 2020.
“By 2030, Northern European countries, the U.K., Germany and other European countries plan to generate 60 percent of power by renewable energy,” said Yoon Jae-in, president of business unit at LS C&S.
“So, we’re expecting to see an increased demand of cables as more electrical grids need to be installed.”
In 2008, the cable-maker established a sales subsidiary in the U.K. to start its business in Europe.