Cenergy Holdings announced that its Board of Directors will proceed with its investment in a cable manufacturing facility in Baltimore, Maryland, USA.

Further to the previous press release of April 22, 2024, the first step in the implementation of the investment has already been completed. The company's subsidiary, Hellenic Cables Americas, has purchased a waterfront site in Wagners Point, Baltimore, covering approximately 153,800 sqm (38 acres), after successfully completing a lengthy due diligence process and obtaining all approvals customary in similar transactions.

The first phase includes the construction of an overland cable plant to meet the growing need in the US for power transmission and distribution network upgrades, at a cost of approximately $200 million, including the purchase of the property.

The design is complete, permitting is proceeding normally, and construction is expected to begin by the end of the year. The second phase will include further expansion for submarine cable production, but this will be dependent on final agreements for the absorption of the produced cables by the project developers and the related final investment decisions.

In addition, further to the press release of December 20, 2021, the company announces that, following Ørsted's decision to review its project on the Atlantic coast (the Skipjack Wind Wind Farm), discussions regarding a possible cooperation between the company and Ørsted have been discontinued.