Energy and telecom cable system manufacturer Prysmian Group this week announced it is investing an additional $100M over the next two and half years to upgrade its North American plants to support the foreseen growth in the power distribution and transmission markets.
With the Infrastructure Bills advancing through US Congress, Prysmian says its facilities will help meet the need for infrastructure upgrades in North America and the growing demand from clean energy sources.
Following the SOO Green HVDC Link project announced in late June, Prysmian Group is taking bold steps towards the region’s decarbonization effort. This $100M investment reinforces the Group’s commitment to North American customers and to support the need to build together a resilient backbone energy distribution and transmission infrastructure. More specifically, these investments will further increase capacity to support breakthrough projects, reinforcing Prysmian Group’s positioning as the partner of choice for building the U.S. clean energy grid.
Of the $100M investment, $50M will be invested in Marshall, Texas, Prysmian Group North America’s biggest facility and where the bulk of the region’s renewable energy products are manufactured. $30M will be invested in the Abbeville, S.C. facility, which will be upgraded to supply the high voltage cable needed to help achieve President Biden’s goal of a zero-carbon power grid by 2035. The Abbeville, SC facility is responsible for manufacturing cables for the SOO Green project. Other investments will be made with the remaining $20M throughout the region, including in Du Coin, Ill. and St. Jerome, Canada.
The investments will be used to increase medium voltage and overhead transmission capacity in the U.S. to meet demand in infrastructure to produce more renewable energy by adding and updating equipment and improving the region’s capabilities.
“Through these investments, Prysmian Group demonstrates its commitment as the enabler to building a resilient infrastructure and support the speed change necessary to meet the ambitious decarbonization targets in the U.S. and Canada,” said Andrea Pirondini, Chief Executive Officer of Prysmian Group North America.
The current aging cabling infrastructure in North America poses real challenges to the safety and continuity of power distribution and supply. In addition, the series of emergency and natural disaster events that have occurred in the region due to climate change impact have proved to test the resiliency of the power grids, underscoring the need for important upgrades.
“We are proud to partner with our customers as we announce these investments that will allow us to boost capacity and support the growth in the medium voltage and overhead transmission markets,” added Brian DiLascia, Senior Vice President of Power Distribution of Prysmian Group North America. “These milestone investments will expand our capabilities, adding new jobs that are crucial to help us meet a shared goal to support the modernization of the U.S. power grid and further facilitate the energy transition for the future.”