The company signed an investment agreement with local authorities on Monday to fund the construction of a fifth submarine cable building, covering an area of 19,451 square meters (209,387 square feet).
Upon completion in the second half of next year, the facility will quadruple LS Cable's HVDC (high voltage direct current) cable production capacity.
This expansion comes less than a year after the company's decision in August last year to invest ₩155.5 billion ($116 million) in its fourth submarine cable building.
In May last year, LS Cable completed the construction of its fourth submarine cable building, a facility dedicated to HVDC cable production that is the only one of its kind in South Korea and the largest in Asia.
HVDC technology is increasingly being adopted for long-distance power transmission networks as it can transmit high-capacity current over long distances with lower losses compared to AC (alternating current). HVDC cables are also used in renewable energy projects such as offshore wind and solar power.
"The global HVDC market continues to grow, particularly in Europe and the U.S., driven by energy security concerns and the expansion of renewable energy for carbon neutrality worldwide," a company spokesperson said. "We aim to secure a leading position in the market through increased domestic and international investments."
LS Cable is collaborating with its subsidiaries to expand its market presence. Recent efforts include constructing a U.S. factory, investing in LS Marine Solution's facilities, and supporting LS Eco Energy's business ventures in Europe and Asia.