Prysmian gains €450m from EIB to boost Europe's energy infrastructure [Yahoo! Finance]
PRYSMIAN S.P.A. UNSP/ADR (PRYMY)
NASDAQ:AMEX Investor Relations:
prysmiangroup.com/en/investors
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Source: Yahoo! Finance
The Italian power and telecom cables manufacturer plans to use the funds to create new production lines for extra-high-voltage submarine cables, enhancing high-voltage onshore cables and improving existing lines. The EIB investment will enable Prysmian to double its extruded cables' production capacity at factories in Pikkala in Finland, Pozzuoli in Italy and Gron in France. The current capacity of 2,000km per year is set to increase to more than 4,000km, addressing the surging demand for renewable energy, particularly in the offshore wind sector. This expansion is expected to significantly contribute to the EU's clean energy transmission goals, facilitating submarine cable solutions and long-distance interconnections that enhance the integration and efficiency of renewable energy sources. The initiative aligns with the EIB's climate action and environmental sustainability objectives, as well as the REPowerEU framework, which the EU bank has pledged to support with an additio
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