Hellenic Cables Americas will build a cable manufacturing facility worth around USD 300 million in a 38-acre waterfront property at Wagners Point industrial area in South Baltimore, USA.
Aug 5, 2024
Hellenic Cables Americas has acquired a 38-acre waterfront property at Wagners Point industrial area in South Baltimore, USA, to build a cable manufacturing facility worth around USD 300 million.
A press release issued by Hellenic, which is a subsidiary of Belgium-based Cenergy Holdings, said that the new factory would be dedicated to manufacturing underwater and underground cables for offshore wind and grid modernization applications.
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It would address the growing energy transition market of the 21st Century with high-tech products made in a modern, clean, low-noise and ultra-low-emissions environment, it added.
The company recently announced receiving a federal tax credit of up to USD 58 million from the Department of Energy as a Qualifying Advanced Energy Project.
Senior Executive at Cenergy Holdings, Mr. Thanasis Molokotos, said they were excited to be part of Maryland’s expanding role in building a robust U.S.-based supply chain for power transmission. The support of the local community, city leaders and state & federal representatives has been instrumental in reaching this important milestone for Hellenic Cables, he added.
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Governor Wes Moore said Maryland was proud to partner with Cenergy Holdings and Hellenic Cables to build a cleaner, greener, and more equitable future for all. By working together, they would create new jobs, make Maryland more competitive, and provide fresh pathways for work, wages, and wealth for more Baltimoreans.
