Prysmian to use €120 million loan for innovation and digitalization
Italy’s cabling giant Prysmian has secured a €120 million loan from Italian investment bank Cassa Depositi e Prestiti (CDP) which will be invested in R&D for network upgrading purposes.
The loan will be used to support R&D plans focused on the implementation of innovative technologies and contribute to strengthening digitalization processes, while cutting emissions to facilitate the energy transition.
Prysmian’s R&D investment and expenses plan includes particular reference to Italy, France, the Netherlands, Spain and Germany for the 2021-2024 period.
The initiative financed is part of a larger project focusing on four areas relating to:
- innovative materials research (from the use of nanotechnology to new sustainable materials and solutions, management of low-voltage power grids and systems, and hybrid cables for the energy and telecommunications sector);
- testing (from the use of alternative materials for cable design to advanced cable operation technologies);
- new product development (from dynamic cables for offshore renewable energy to high-performance optical fiber, e-mobility cable solutions and design of sensors for localizing, monitoring and managing power grids);
- digital transformation and sustainability (from the implementation of digital solutions for machine learning and artificial intelligence to the development of sustainability impact assessment models).
The development of the R&D activity is said to be in line with the Paris Agreement, and the European Green Deal and Horizon Europe directives for the promotion of clean, renewable energy, ensuring the interconnection of integrated systems of renewable resources through cable systems.
“The new loan, with a 6-year maturity, further strengthens the whole Group’s financial structure. We are extremely satisfied with CDP’s ongoing support and trust,” said Giovanni Zancan, Group Finance Senior Vice President of Prysmian Group.
From most recent company-related news it is worth noting that Prysmian in mid-February began the construction of its new cable-laying vessel. The milestone was marked with a steel-cutting ceremony at VARD’s shipyard in Romania.
The company’s fleet currently consists of five cable-laying vessels, including Giulio Verne, Cable Enterprise, Ulisse, Barbarossa, and Leonardo da Vinci.