LS Eco Energy—a subsidiary of South Korea’s LS Cable & System—announced that it has signed a business agreement with the Institute of Energy of Vietnam (IEV) under the Vietnam Electricity Authority (EVN) for a superconducting cable project. Of note, LS Cable & System Asia changed its name to LS Eco Energy to pursue new businesses in submarine cables and rare-earth elements.

Per an article at businesskorea.co.kr, the two parties plan to establish a cooperative system to apply superconducting cables to the Vietnamese power grid and explore business opportunities. Superconducting cables, first commercialized domestically by LS Cable in 2019, use the superconducting phenomenon where electrical resistance disappears at low temperatures, maximizing transmission efficiency. In case of power expansion due to overload, replacing the cable alone can increase transmission capacity by more than five times.

When building new cities, the construction cost of electrical ducts, which are about three meters high, can be reduced to less than 1/20th by replacing them with conduits approximately one meter in size. The technology minimizes environmental impact by needing fewer and smaller substations and transmission towers.

Per IEV, Vietnam is set to face a surge in power demand and consumption over the coming decade, which will have an impact on its energy security. The government of Vietnam expects power consumption to grow 10-12 % annually through 2030, one of the fastest power consumption growth rates in Asia.

NKT plans to invest up to €100 million in additional production capacity and capabilities at its medium-voltage factories in Denmark, Sweden and Czech Republic to meet growing demand from customers for medium-voltage power cables required for grid upgrades and renewable energy projects across Europe.

A press release said that the medium-voltage power cable market has grown steadily in recent years driven by the transition to renewable energy and the continued electrification of societies. Electrical grid operators are in the process of conducting major upgrade projects to keep apace. In response, NKT is investing in additional medium-voltage capacity and capabilities spread across three of its production sites in Asnaes, Denmark; Falun, Sweden; and Velke Meziříčí, Czech Republic. The investments in Falun and Velke Meziříčí have started while the investment in Asnaes is now initiated.

“NKT is well positioned ... to strengthen our position as a key partner to our customers in the green transition of societies,” said NKT EVP Head of Applications Carlos Fernandez. “As more renewable projects come online, a major upgrade of the European power grid is needed. Current medium-voltage production and installation capacity is not sufficient to meet the increasing demand in the market. The investments will support NKTs continued growth journey in line with our strategic ambitions and enable vital grid upgrades and renewables projects across Europe.”

In recent years, the Applications business line has optimized its factory footprint across geographies to increase efficiency and specialization. With this process successfully completed, focus has shifted towards expansion of the medium-voltage sites. The investments will add 20-110 kV production capacity and capabilities and further progress layout optimizations of the factories.

The investments across the three sites will strengthen NKTs market leading position. The new production capacity is anticipated to be progressively operational in 2025 and 2026 and the investments will lead to the additional recruitment of around 150 new colleagues. The investments are expected to support NKT’s medium-term financial ambitions including delivering RoCE above 20%.

Elite Harness plans to refurbish an existing facility in Wellington, Kansas, to produce wiring harnesses and custom cables for various sectors, including automotive, industrial, agricultural, aerospace, and other industries requiring electric connections.

A press release said that the company plans to invest $14 million in the initiative, which is expected to create 110 jobs. It plans to convert an existing plant into a 50,000-sq-ft manufacturing plant. Elite Harness will produce wiring harnesses and custom cables for various sectors, including automotive, industrial, agricultural, aerospace, and other industries requiring electric connections.

“We have a sister company (in) Tulsa, so we considered building there, but the State of Kansas and Sumner County really stepped up to the plate and made Wellington a wise choice for us,” Elite Harness President Nathan Smith said in a news release. It notes that the wiring harness and custom cable market is a $90 billion industry poised for significant growth over the next 10 years.