The European Investment Bank (EIB) has approved a EUR 300 million financing package for Prysmian that will support the Italian cabling giant’s research and development (R&D) activities with the ultimate goal of accelerating energy security and digitalization in Europe.
The financing will support Prysmian’s European research and development activities for the 2025–2028 period, accelerating the adoption of new solutions to enable the energy transition and digital transformation.
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Prysmian said it would use the resources to develop high-performance, low-emission solutions to boost the overall performance of energy connections worldwide. These activities will focus on improving the reliability, resilience, and security of power and telecom networks while making a positive contribution to cutting carbon emissions.
The credit line is structured to support the company’s R&D activities across multiple European countries, with labs located in Italy, France, Germany, the Netherlands, and Spain.
Srinivas Siripurapu , Chief Sustainability, Innovation and R&D Officer at Prysmian, said: “ Europe is at the heart of our research and development activities, starting with the Global R&D Center in Milan. The commitment of around 500 employees in European laboratories is constant and enables us to develop innovative, responsible solutions. Our ‘Accelerating Growth’ strategy, sets the target to achieve 55% of revenues from sustainable solutions by 2028, and EIB’s support represents an additional level as we work to deliver this goal .”
The parties have signed the first tranche of EUR 200 million.
The agreement is said to be fully aligned with the REPowerEU framework and complements TechEU, the investment program launched by the EIB Group to strengthen innovation growth and technological leadership in Europe. Through TechEU, the EIB Group aims to invest EUR 70 billion in equity, quasi-equity, loans, and guarantees over the 2025–2027 period, with the goal of mobilizing EUR 250 billion in real-economy investments.
Last year, Prysmian secured EUR 450 million in funding from EIB, used for building new production lines for extra-high-voltage submarine cables, lines for high-voltage onshore cables, and other technical improvements to existing lines.
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13 days ago
about 7 months ago
The European Investment Bank (EIB) has approved a EUR 300 million financing package for Prysmian that will support the Italian cabling giant’s research and development (R&D) activities with the ultimate goal of accelerating energy security and digitalization in Europe. The financing will support Pry
