Signing ceremony in Taiwan with new joint venture partner, Walsin Lihwa
Mar 29, 2023
As the official start to a long term partnership, a signing ceremony is taking place today between Taiwanese partners, Walsin Lihwa, and NKT. A delegation from NKT has travelled to Taiwan to visit the head office of Walsin Lihwa to ceremonially sign the Joint Venture and associated Service and Technology Licensing agreements. Final constitution of the joint venture is subject to customary regulatory procedures.
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- Signing ceremony in Taiwan with new joint venture partner, Walsin Lihwa
As announced on 24 February 2023, NKT is entering into the joint venture to provide technical support for the construction of the first subsea power cable factory in Taiwan. The factory will produce high- and medium-voltage AC offshore power cables mainly for the Taiwanese offshore wind market. This is expected to grow rapidly in the next decade to drive the green transition of the country.
During the visit to Taiwan, NKT will also inspect the land in Kaohsiung where the coming subsea cable factory will be built. Located in the southern part of Taiwan, the city of Kaohsiung is the country’s largest industrial centre and known as “Taiwan's Maritime Capital”. The location by the sea means an ideal location for a sea cable factory.
“I am pleased to visit Taiwan and meet our new partners. The joint venture is a long term commitment between Walsin Lihwa and NKT and we are excited to start the construction of the factory later this year. We expect high growth in the Taiwanese market in the coming decades and this partnership is an important first step for NKT to establish a presence and a platform for future growth in the region” says President and CEO, Alexander Kara.
“We warmly welcome NKT's visit to Taiwan and are delighted to embark on a promising joint venture together. It’s a great honor for us to work with NKT, a world-class submarine power cable company renowned for its management, product, and technology excellence. The win-win cooperation between the two companies shall accelerate Walsin Lihwa’s submarine cable business development to contribute significantly to the green energy sector in Taiwan.” says Yu-Lon Chiao, Chairman of Walsin Lihwa.
The factory is expected to undergo trial runs end of 2025, and start full production in 2027.
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