FS scales back risky startup bets, puts Firema up for sale and reviews Certares Channel tunnel deal
Executive summary: FS announced it will abandon certain risky startup initiatives backed by Donnarumma, place its Firema subsidiary on the market, and review the viability of its partnership with Certares for a proposed Channel tunnel connection. The decision signals a strategic pivot that could reshape FS’s rolling‑stock business, influence infrastructure investment timelines, and reduce the group’s exposure to venture‑capital risk.
Who is involved: Ferrovie dello Stato (FS), executive Donnarumma, Firema subsidiary, Certares partner.
Likely next: FS will advance the Firema divestment process, evaluate the Certares tunnel partnership, and potentially restructure its venture portfolio in the coming months.
Ferrovie dello Stato is retreat ing from several high‑risk startup ventures championed by executive Donnarumma, opting instead to divest its Firema rolling‑stock subsidiary and reassess the joint project with Certares for a fixed link under the English Channel. The move reflects a broader shift toward de‑risking the group’s portfolio amid mixed performance of its innovation bets. While the Firema sale could unlock capital, the uncertainty around the Channel tunnel initiative may delay infrastructure plans and affect related contractors.
Timeline
- — Strisciuglio ad. No a startup rischiose e via dalla Manica: il nuovo corso di Fs (la Repubblica — Economia)
Analysis — what this means
Sectors affected
- railway rolling stock manufacturing
- Channel tunnel infrastructure
- venture capital investments
Key entities
Sources
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