Prysmian launches Leonardo da Vinci, reveals €1B investment plan for energy transition
Italian cabling giant Prysmian has inaugurated Leonardo da Vinci, the world’s largest cable-laying vessel, and presented its €1 billion investment plan targeted at developing businesses that support the energy transition.
During the first Prysmian Submarine Cable Day, held on 23 March in Naples, the company revealed the decision to implement the investment plan by 2024 with the goal of consolidating its 35-40% market share in the submarine and land-based high voltage cable market.
According to Prysmian’s forecast, the market is set to grow over €8 billion a year in terms of projects awarded (2025 forecasts).
In 2021, the Italian firm acquired projects worth €4.8 billion and kicked off 2022 with the €1.2 billion contract to build Neu Connect, the first power interconnection between Great Britain and Germany.
Meanwhile, the company welcomed the world’s largest cable-laying vessel, requiring an investment of over €170 million, which was already funded before the launch of the 2022-2024 plan, Prysmian said.
This vessel addition is expected to allow to expedite the time needed to complete submarine interconnection projects, while also decreasing their environmental impact.
Furthermore, the investment plan includes expansion of the production capacity and technological equipment at plants in Italy, Finland and France.
An investment of over €100 million will go to Pikkala plant in Finland, particularly focused on offshore wind farm cabling projects, as well as to the Gron plant in France for the production of the German HVDC cable projects.
The current submarine cable production structure is rounded out by the plants in Nordenham, Germany, and Drammen, Norway.
Additionally, Prysmian is accelerating its plan to build the first high-voltage submarine cable facility in Massachusetts, USA, with an investment of approximately €200 million.
Revealing the investment plan, Valerio Battista, Prysmian Group’s CEO, said: “Development of the trans-European power grid plays a strategic role in decarbonisation and in the transition to renewable sources, as well as in improving EU energy autonomy — an urgent need that has returned to the fore with the Russia-Ukraine conflict.
“As a global leader in the cable industry, we have decided to increase investments chiefly in support of energy interconnection projects and connections for renewable sources.”
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