EIB, Prysmian Group to Finance €135 Mn R&D Projects Including Sustainable Power Grids
The European Investment Bank (EIB) and Prysmian Group announce that they have finalised financing of €135 million intended to support the Group’s 2021-2024 R&D plans in Europe.
February 05, 2022. By News Bureau
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.
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 centres 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 centres of excellence in manufacturing optical fibres and submarine power transmission cable systems. Globally, Prysmian Group has 26 R&D centres 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 digitalisation and the development of more efficient and environmentally sustainable power grids. Innovative optical fibres, 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.
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