Prysmian to make use of €450M EIB funding for brand new cable manufacturing traces

Italian cabling large Prysmian has secured €450 million in funding from the European Funding Financial institution (EIB) that will probably be used for constructing new manufacturing traces for extra-high-voltage submarine cables, traces for high-voltage onshore cables, and different technical enhancements to current traces.

The funding will allow Prysmian to double its manufacturing capability for extruded cables at its three factories in Pikkala, Finland, Pozzuoli, Italy, and Gron, France, from round 2,000 kilometers a yr to over 4,000.

“Prysmian is enjoying a key position in selling the European vitality transition. We’re proud that the EIB is supporting our dedication to assist construct further capability to satisfy the rising demand for clear vitality throughout the continent,” stated Prysmian CEO Massimo Battaini.

“The EIB shares our unwavering dedication to innovation in our services to advertise effectivity, which is essential each to creating the vitality transition extra achievable and to implementing it extra shortly. This new step ahead reveals how the European Union is conscious of the important position our firm has in attaining this transition.”

Prysmian famous that the funding would additionally promote the creation of latest jobs, producing financial advantages for the international locations concerned.

The challenge is claimed to be totally in step with EIB’s local weather motion and environmental sustainability targets and the REPowerEU framework, which the financial institution has dedicated to assist with €45 billion of further funding by 2027.

As well as, nearly half of the operations coated by the settlement between the 2 events will happen in cohesion areas corresponding to Campania in Italy and Burgundy in France, serving to to handle regional financial disparities and selling extra balanced and inclusive financial growth.

EIB’s Vice President Gelsomina Vigliotti stated: “The EIB is the EU local weather financial institution, and this financing reveals our dedication to backing clear vitality transmission in Europe. This settlement with Prysmian will assist obtain the REPowerEU aims by mobilising huge sources to handle essentially the most urgent vitality and environmental challenges.”

Prysmian earlier this month reported that it had carried out what is claimed to be the trade’s first set up of an HVDC cable at a water depth of two,150 meters.

The cable will probably be employed for the €1.7 billion Tyrrhenian Hyperlink, awarded in 2021 by Terna. Below the contract, Prysmian will design, provide, and set up a complete of over 1,500 kilometers of submarine cables to assist the facility alternate amongst Sardinia, Sicily and Campania, reinforcing the Mediterranean vitality hub.

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