GLOBAL INTERCONNECTION GROUP NEGOTIATIONS TO BUILD £923MN HVDC CABLE FACTORY AT PORT OF TYNE

On 24th May 2024, LS Eco Advanced Cables signed an agreement with Port of Tyne in which the parties have agreed a limited but extendable period of exclusivity during which the Port of Tyne has agreed to refrain from entering into 3rd party transactions in order to allow the parties time to negotiate agreements for the grant of a long lease relating to the Tyne Renewables Quay site, for the development (subject to planning permission) of an HVDC cable factory.

In Joint Venture with one of the subsidiaries of LS Group, Korea

LS Eco Advanced Cables is the joint venture between Global InterConnection Group and one of the subsidiaries of LS Group, the leading world-class Korean cable manufacturer, formed for the purpose of advancing development of the factory. The new factory will deliver a substantial positive impact both environmentally and socially. LS Eco Advanced Cables intends to secure planning permission by the end of this year, with fully CIGRE-certified production expected in 2027. By providing the high-voltage cables to deliver dependable zero carbon energy, LS Eco Advanced Cables will help address the electricity supply volatility from growing dependence on wind and solar; reduce the UK’s dependence on fossil fuels for peaking power; enhance energy security and reduce energy prices for UK consumers and businesses alike. HVDC cables reduce electricity transmission losses by at least 15% over even relatively short 150km cable lengths, compared to AC power cables.