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Prysmian Group speeds up innovation with the European Investment Bank (EIB)

Prysmian-Group-and-EIB-cooperation

Prysmian Group and the EIB have finalised financing of 135 million intended to support the Group’s 2021-2024 R&D plans in Europe. This financing represents approximately 50% of the investments planned in Europe by the Group up to 2024. The new projects fulfil the goals set in Prysmian’s innovation roadmap and strategy, oriented towards supporting and promoting digitalization and the energy transition.

“Cable technology is a key enabler to face the challenges of digitalisation and energy transition”, explains Srini Siripurapu, Chief R&D and Innovation Officer Prysmian Group. “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. 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.”

Srini Siripurapu

Chief R&D and Innovation Officer Prysmian Group

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.

Prysmian 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.

The following areas will benefit from the €135 million financing dedicated to R&D activities

  • Industrial research

Research on innovative materials also involving the use of nanotechnologies, systems for monitoring and management of land and submarine power grids and low voltage power systems, new cables and materials for more sustainable solutions and hybrid energy / telecom cables.

  • Innovation and experimentation

Use of alternative materials for cable design and product project optimisation, use of breakthrough technologies to execute cable jointing operations.

  • New product developments

Submarine power transmission cable systems for installation at great 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 fibre cables for FTTH and FTTA and connectivity applications 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

Implementation of digital solutions for remote management of operations, also through the use of IoT Industry 4.0 technologies and deployment of innovation data management software for better ongoing project portfolio management

Development of data models for continuous evaluation of Green IT Strategy sustainability impact and assessment of product portfolio sustainability.

 

Prysmian Group has 26 R&D centres in Europe, North and South America and Asia, with a over 900 professional researchers, technicians and operators, and an extensive portfolio of more than 5,500 patents. Prysmian Group allocates approximately €100 million per year to Research & Development worldwide.

European Investment Bank

The EIB is the European Union’s long-term financial institution, owned by EU Member States. It provides long-term funding for worthwhile investments to contribute to the EU's strategic objectives. The Bank finances projects in four priority sectors: infrastructure, innovation, climate and environment, small and medium-sized enterprises (SMEs).