Time to string some lines.This is the name for transmission cable.
Press Release from the company, July 24:
EIB provides €450 million to Prysmian to promote European energy transition
The European Investment Bank (EIB) and Prysmian, world leader in the power and telecom cables sector, have signed a new, €450 million finance contract to facilitate electricity transmission and distribution in Europe.
- Operations will take place in Finland, Italy and France.
- The new funds will go towards manufacturing extra-high-voltage submarine power cables and high-voltage onshore cables, and other upgrades to existing cables.
- The project supports the objectives of REPowerEU, for which the EIB has earmarked additional financing of €45 billion by 2027.
With a view to meeting the growing demand for renewable energy in general and offshore wind in particular, Prysmian will use the EIB funds to build new production lines for extra-high-voltage submarine cables, lines for high-voltage onshore cables and other technical improvements to existing lines.
The EIB-financed investment will enable Prysmian to double its production capacity for extruded cables at its three factories in Pikkala (Finland), Pozzuoli (Italy) and Gron (France) from around 2 000 km a year to over 4 000 km a year. This will help to meet EU targets for clean energy transmission via submarine cable solutions and long-distance interconnections, improving the integration and efficiency of renewable energy.
According to Prysmian estimates and in line with time frames and procedures that are still being defined, this investment will also promote the creation of new jobs, thereby generating major economic benefits for the countries involved.
The project is fully in line with the EIB’s climate action and environmental sustainability goals and the REPowerEU framework, which the EU bank has committed to support with €45 billion of additional investment by 2027. In addition, almost half of the operations covered by the agreement will take place in cohesion regions such as Campania in Italy and Burgundy in France, thereby helping to address regional economic disparities and promoting more balanced and inclusive economic development....
....MUCH MORE
The stock is sort of boring:
5 years of prices via TradingView
In a good way. 62.00 EUR up 0.50 (+0.81%) last.
Previously:
January 2024
"There’s a Shortage of Electrical Wires, Transformers. That’s Good for These Stocks."
April 2024
Grid: How U.S. Electrical Transmission Lines Will Be Rebuilt—Reconductoring
April 2024
Electrical Transmission: Speaking Of The Farsighted Italians...
Our interest had been in General Cable which PRY snatched up in 2017, as noted in the reconductoring post.
