Italy's Prysmian said on Wednesday it would invest a total of one billion euros ($1.1 billion) in the 2022-2024 period. The plan - parts of which had already been announced to investors - includes investments for a new submarine cable factory in the United States and an increase of production capacity at its plants in Italy, Finland, and France, the world's largest cable maker said in a statement.

The company last year said it would invest around 200 million euros to build a plant in the United States to produce submarine power transmission cables. Prysmian said it will also invest more than 80 million euros to expand its Arco Felice plant near Naples, where it produces submarine cables, and more than 100 million euros for its Pikkala facility in Finland, which is focused on offshore wind farm cabling projects.

Other funds will go to the Gron plant in France, which produces high-voltage direct current (HVDC) cables for a project in Germany, it added. "Development of the trans-European power grid plays a strategic role in decarbonisation and in the transition to renewable sources, as well as in improving EU energy autonomy, — an urgent need that has returned to the fore with the Russia-Ukraine conflict," Prysmian Chief Executive Officer Valerio Battista said in the statement.

Source:https://www.oedigital.com/news/495258-prysmian-to-invest-1-billion-euros-in-2022-2024-period