Prysmian to use €450M EIB funding for new cable production lines

Italian cabling wide Prysmian has secured €450 million in funding from the European Investment Monetary institution (EIB) which might be historic for constructing new production lines for added-high-voltage submarine cables, lines for prime-voltage onshore cables, and other technical improvements to present lines.

The funding will allow Prysmian to double its production capacity for extruded cables at its three factories in Pikkala, Finland, Pozzuoli, Italy, and Gron, France, from around 2,000 kilometers a year to over 4,000.

“Prysmian is playing a key feature in promoting the European energy transition. We’re proud that the EIB is supporting our dedication to support invent extra capacity to meet the rising question for easy energy across the continent,” said Prysmian CEO Massimo Battaini.

“The EIB shares our unwavering dedication to innovation in our merchandise and services and products to promote effectivity, which is important both to making the energy transition more achievable and to enforcing it more hasty. This new step forward reveals how the European Union is mindful of the vital feature our company has in achieving this transition.”

Prysmian smartly-known that the funding would moreover promote the introduction of new jobs, generating financial advantages for the international locations fervent.

The mission is said to be fully primarily primarily primarily based on EIB’s climate action and environmental sustainability targets and the REPowerEU framework, which the bank has committed to toughen with €45 billion of extra funding by 2027.

In addition, nearly half of of the operations covered by the settlement between the 2 events will happen in cohesion areas equivalent to Campania in Italy and Burgundy in France, serving to to tackle regional financial disparities and promoting more balanced and inclusive financial model.

EIB’s Vice President Gelsomina Vigliotti said: “The EIB is the EU climate bank, and this financing reveals our dedication to backing easy energy transmission in Europe. This settlement with Prysmian will support attain the REPowerEU targets by mobilising plentiful sources to tackle potentially the most urgent energy and environmental challenges.”

Prysmian earlier this month reported that it had conducted what is said to be the industry’s first installation of an HVDC cable at a water depth of 2,150 meters.

The cable might be employed for the €1.7 billion Tyrrhenian Link, awarded in 2021 by Terna. Under the contract, Prysmian will originate, provide, and set up a total of over 1,500 kilometers of submarine cables to toughen the flexibility substitute among Sardinia, Sicily and Campania, reinforcing the Mediterranean energy hub.

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