Prysmian Group says it has finalized €135 million in funding from the European Investment Bank (EIB). The money will bankroll the company’s 2021-2024 R&D plans in Europe, particularly in support of communications and power grid applications.
The company says the money will support a variety of activities:
- Industrial research on materials, including the use of nanotechnologies; systems for the monitoring and management of terrestrial and submarine power grids, low-voltage power systems, new cables and materials for improved sustainability, and hybrid energy and telecom cables.
- Innovation and experimentation in the use of alternative materials for cable design and product optimization as well as improvements in cable jointing operations.
- New products development, including submarine power transmission cable systems for installation at high depths; P-Laser Extra High Voltage land and submarine power transmission cable systems; cables for the offshore renewable energies sector; cables for e-mobility; high-performance optical fibers and cables for FTTH and fiber to the antenna (FTTA) applications and connectivity; development of smart cable systems; and sensing products for fault location, monitoring, and management of power grids.
- Digital transformation and sustainability via development of machine learning and artificial intelligence solutions for enhanced quality in cable manufacturing and implementation of digital solutions for the management of remote operations.
“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,” stated Srini Siripurapu, chief R&D officer and chief innovation officer at Prysmian Group. “In particular, cable technology is proving that it can contribute decisively to the challenge of digitalization and the development of more efficient and environmentally sustainable power grids. Innovative optical fibers, 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.”
Prysmian says the EIB investment represents approximately half of what it plans to spend on R&D in Europe through 2024. The financing is the third the EIB has granted the group, following similar awards in 2013 and in 2017 to support R&D in Europe.