The European Investment Bank (EIB) has approved a EUR 300 million financing package for Prysmian, supporting the Italian cabling company’s research and development (R&D) activities to enhance energy security and digitalization in Europe.
This financing will aid Prysmian’s European R&D efforts from 2025 to 2028, fostering new solutions for energy transition and digital transformation.
Prysmian plans to develop high-performance, low-emission solutions that enhance energy connections globally, focusing on the reliability, resilience, and security of power and telecom networks while reducing carbon emissions.
The credit line supports R&D activities across Europe, with labs in Italy, France, Germany, the Netherlands, and Spain.
Srinivas Siripurapu, Chief Sustainability, Innovation and R&D Officer at Prysmian, stated: “Europe is central to our R&D efforts, starting with the Global R&D Center in Milan. Our 500 European lab employees enable innovative, responsible solutions. Our ‘Accelerating Growth’ strategy targets 55% sustainable solutions revenue by 2028, and EIB’s support is crucial for achieving this.”
The first tranche of EUR 200 million has been signed.
The agreement aligns with the REPowerEU framework and complements TechEU, an EIB Group investment program to bolster Europe’s innovation and technological leadership. TechEU plans to invest EUR 70 billion over 2025-2027, aiming to mobilize EUR 250 billion in real-economy investments.
Previously, Prysmian secured EUR 450 million from EIB for new production lines for submarine and onshore cables and technical improvements.
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