Finance News

Prysmian Group Speeds Up Innovation with the Support of European Investment Bank

The European Investment Bank (EIB) and Prysmian Group, a world leader in the energy and telecom cable systems industry, announces that they have finalized financing of €135 million intended to support the Group’s 2021-2024 R&D plans in Europe.

Specifically, the areas that will benefit from EIB financing are:

  • Industrial research: research on innovative materials also involving the use of nanotechnologies, systems for the monitoring and management of land and submarine power grids and of low voltage power systems, new cables and materials for more sustainable solutions and hybrid energy and telecom cables.
  • Innovation and experimentation: the use of alternative materials for cable design and product project optimisation, use of breakthrough technologies to execute cable jointing operations.
  • New products development: submarine power transmission cable systems for installation at high depths; P-Laser Extra High Voltage land and submarine power transmission cable systems; dynamic cables for the offshore renewable energies sector; cable solutions for the e-mobility industry; high-performance optical fibres, cables for FTTH and FTTA applications, and connectivity; development of smart cable systems and sensing solutions for fault location, monitoring and management of power grids.
  • Digital transformation and sustainability: development of machine learning and artificial intelligence solutions for enhanced quality in cable manufacturing process, and implementation of digital solutions for the management of operations from remote also through the use of IoT Industry 4.0 technologies and deployment of innovation data management software for a better on-going project portfolio management; development of data models for the continuous evaluation of sustainability impact of a Green IT Strategy and for the assessment of the sustainability of the product portfolio.

The new projects fulfil the goals set within Prysmian Group’s innovation roadmap and strategy, strongly oriented towards the support and promotion of digitalization and the energy transition.

Cable technology is a key enabler for electrical power transmission and distribution and for the development of telecommunications in Europe. Innovative solutions in these areas are a critical component to promote digitalization and the energy transition, thanks also to the expansion of 5G networks and the surge in renewable power installations, that could be interconnected via sustainable and innovative cable links. 

The financing represents approximately 50% of the investments planned in Europe during the period concerned. Worldwide, Prysmian Group allocates approximately €100 million per year to Research & Development. This financing follows those already granted by the EIB to the Group in 2013 and in 2017, also in support of R&D in Europe, a sign of the trust that the company enjoys with the Bank.

The Vice President of the EIB, Gelsomina Vigliotti, comments: "The agreement signed with Prysmian aims at developing technological innovations via cable based on sustainability criteria in order to reduce the consumption of raw materials, the generation of waste and CO2 emissions. Supporting the cabling sector helps to strengthen economic, social and territorial cohesion and to promote the energy and digital transition in Europe".

“This loan strengthens our financial structure with a long-term duration, we are very satisfied with EIB’s continued support and renewed confidence”, commented Giovanni Zancan Prysmian Group Finance SVP.

The EIB financing is specifically intended to support projects to be developed at R&D centers in five European countries: France, the Netherlands, Spain, Germany and Italy. A significant share of the resources is intended for Italy, which is home to Prysmian Group’s headquarters, R&D offices and several plants that are centers of excellence in manufacturing optical fibers and submarine power transmission cable systems. Globally, Prysmian Group has 26 R&D centers located in Europe, North and South America and Asia, with a team of over 900 professional researchers, technicians and operators, and an extensive portfolio of more than 5,500 patents. 

“Our Group’s growth strategy revolves around our commitment to R&D, an area where we intend to increase our investments further, also thanks to the funding from the EIB,” explains Srini Siripurapu, Chief R&D Officer and Chief Innovation Officer Prysmian Group. “In particular, cable technology is proving that it can contribute decisively to the challenge of digitalization and the development of more efficient and environmentally sustainable power grids. Innovative optical fibers, cables with a reduced environmental impact and higher capacity and voltage rating, and technologies for monitoring network conditions are just a few of the areas on which we are focusing."

The Group’s strategy embraces the EIB's policies in terms of innovation, climate action and cohesion, classifying as Key Enabling Technologies (KETs). In addition, the research program is in line with the Paris Agreements, the European Green Deal and the Horizon Europe directives, to promote renewable and clean energies with the interconnection of integrated renewable resource systems through cable systems. Prysmian Group is also committed to integrating the Sustainable Development Goals defined by the United Nations into its activities.

Offshore Source Logo

Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.

Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.

Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

Phone: +1 772.221.7720