Hellenic Cables Americas Co. (48C Self-Disclosed)

Hellenic Cables Americas intends to build Project Argo, a new state-of-the-art cable manufacturing facility in Baltimore City, Maryland. Project Argo is the first-of-its-kind manufacturing facility in the U.S. dedicated to manufacturing underwater and underground cables for Offshore Wind and Grid Modernization applications. It addresses the 21st-century, growing energy transition market with high-tech products made in a modern, clean, low-noise, ultra-low-emissions operation. Project Argo will be built on a 36-acre vacant, brownfield, waterfront property in Wagners Point, Baltimore. This site was selected for its deep-water access required for the specialized cable-lay vessels, its proximity to Baltimore's port, extensive logistics infrastructure and labor pool as well as its mid-Atlantic location, ideal to serve all offshore wind projects across the East Coast.

The U.S. Department of Energy (DOE) released applicant self-disclosed information for 22 projects across 17 states that voluntarily shared with DOE that they received a total of nearly $1 billion in allocations from the Qualifying Advanced Energy Project Credit (48C). Nine of the self-disclosed projects indicated they are located in 48C energy communities – communities with closed coal mines or coal plants—showcasing the Biden Administration’s commitment to investing in America’s energy communities.

Cenergy Holdings announces that its US subsidiary, Hellenic Cables Americas, intends, subject to a final investment decision, to build a new, state-of-the-art cable manufacturing facility in Baltimore, Maryland, of approx. value USD 300 million. In the context for this potential investment, Hellenic Cables Americas successfully applied to the Department of Energy and received an allocation letter from the Internal Revenue Service, granting its request for a Qualifying Advanced Energy Project transferable tax credit up to USD 58 million for its intended cables manufacturing facility in Baltimore, Maryland.