(Alliance News) - Cembre Spa announced Thursday that it has been awarded non-repayable grants following the submission of a project related to the expansion of the production capacity of its "Electrical Connectors" product line.

The subsidy was granted for a maximum amount of EUR4.9 million against a total investment of EUR42.0 million.

The expansion of production capacity-motivated by the need to meet the growing demands of the market, both in terms of volume and timing-will take the form of the construction of two new warehouses, which will be equipped with state-of-the-art machinery and equipment, including robotic islands and handling systems equipped with artificial intelligence.

The project is part of the "Production Chain Development Contracts" call for proposals funded by Measure M1C2 Investment 5.2 of the NRP National Recovery and Resilience Plan.

The non-repayable grants will be disbursed over the three-year duration of the project, in proportion to the progress of investment, with completion expected in 2025.

Cembre on Thursday closed 0.8 percent in the red at EUR30.60 per share.

By Chiara Bruschi, Alliance News reporter

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