Italian cable maker Prysmian Group announced plans to invest around 1 billion euros ($1.1 billion) by 2024, mainly to help develop businesses that support Europe's energy transition. The company intends to make significant investments to increase the production capacity of transmission submarine cables and technical equipment at its center of excellence.

It also plans to invest more than 80 million euros to expand its Arco Felice plant in Naples, Italy, especially considering the interconnection of the Tyrrhenian link. Prysmian plans to invest more than 100 million euros in its center of excellence in Picara, Finland, and its factory in Gron, France. The Pikkala plant focuses on offshore wind farm wiring work, while the Gron plant works on high voltage direct current (HVDC) cable projects in Germany.

Valerio Battista, CEO of the Prysmian Group, said: “The development of the trans-European grid plays a strategic role in decarbonization and transition to renewables, as well as increasing the EU’s energy autonomy – with the Russian-Ukrainian conflict.” As the cable industry As a global leader, we have decided to increase investment, mainly to support energy interconnection projects and the connection of renewable energy. "Keywords: engineering construction, engineering news

Prysmian also launched the Leonardoda Vinci, a cable laying vessel built by the Vard Group. The vessel claims to be the largest of its kind in the world and requires an investment of more than 170 million euros. Earlier this month, Prysmian Group completed the North Sea connection between the UK and Norway, which is said to be the longest subsea power interconnection in the world. The North SeaLink project was developed in conjunction with National Grid North SeaLink and Statnett.Editor/XingWentao