SEOUL, April 17 (AJU PRESS) - LS Eco Energy, a Korean power cable maker, said Wednesday it has signed a contract to supply extra-high voltage cables to a public energy company in Denmark.
The $30.51 million deal involves LS Eco Energy providing ultra-high-capacity cables to Energinet for three years.
The product is in high demand in Denmark driven by construction projects for offshore wind farms and underground power transmission lines, according to the Korean company.
Over the last eight years, LS Eco Energy has supplied the European country with cables totaling over 1,000 kilometers (621 miles) in length.
LS Eco Energy was founded in 1996 as a subsidiary of Korean power cable manufacturer LS Cable & Systems. Both companies are among the top power cable providers in Denmark.
"We will expand our presence in the high-value-added ultra-high voltage cable market in collaboration with LS Cable," LS Eco Energy CEO Lee Sang-ho said.
According to market research firm Straits Research, the global market for high-voltage power cables stood at $16.5 billion in 2021 and is predicted to grow at an annual rate of about 6 percent, reaching $27.87 billion by 2030.
Earlier this month, LS Eco Energy began to ship 220-kilovolt-class underground cables to Denmark. The cables will be used to connect the electricity infrastructure to the Thor offshore wind farm, which is planned to be situated 22 km off the west coast of Thorsminde in Jutland.
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