Prysmian Group, an Italian energy and telecommunications cable systems company, has raised 120 million euros ($126.7 million) in loan funding.

The company received the loan facility from the Cassa depositi e prestiti Group, a national promotional institution that backs the Italian economy.

The capital will enable Prysmian to reinforce research and development plans focused on implementing innovative technologies, and strengthening digitalisation processes and others.

Moreover, the new loan, with a six-year maturity period, will also further strengthen the company’s financial structure and fund testing, new product development and digital transformation and sustainability.