EIB Funds Nexans in Advancing Research and Development
The European Investment Bank (EIB) is set to support Nexans with €250 million in financing aimed at promoting research and development (R&D) as well as industrial investments. This initiative is crucial for enhancing Nexans’ capabilities in cable production and copper recycling, ultimately working towards a sustainable circular economy.
Enhancing Innovation through Strategic Investments
This funding will play a pivotal role in Nexans' plans for 2024 to 2029, allowing for the acceleration of numerous strategic projects. The financing has been structured to fund key initiatives focused on expanding production capabilities and fostering innovation within the company.
New Factory Construction
One of the highlighted projects involves the construction of a new factory that is set to be operational by 2026. This facility will enhance copper wire production capacity by more than 50% and will have the capability to recycle up to 80,000 tonnes of copper annually. This is expected to reinforce Nexans’ industrial presence, ensuring a steady supply of raw materials and bolstering the circular economy.
Strengthening Production Facilities
Nexans will also invest in strengthening its existing sites located in Charleroi, Erembodegem, and Calais. This comprehensive program aims to support growth in offshore wind energy and submarine interconnection projects, showcasing Nexans’ commitment to sustainable energy solutions.
Addressing Energy Demand across Europe
The funding will also facilitate an expansion of the Bourg-en-Bresse site, responding to the increasing demand for electrification throughout France and Western Europe. The production of low-carbon medium-voltage cables will be a significant part of this expansion, contributing to a greener energy infrastructure.
Focus on Research and Development
In line with its strategic goals, Nexans will focus on research and development initiatives aimed at driving the energy transition globally and achieving carbon neutrality by 2050. These efforts align with the company’s dedication to the Science Based Targets initiative (SBTi), highlighting its commitment to sustainability.
A Solid Backing from the EIB
The EIB is committing €250 million through a structured agreement, which includes a €190 million loan supported by an InvestEU guarantee. This financial backing is part of the EIB’s broader strategy to enhance innovation, sustainability, and competitiveness within the European Union’s economy.
Contributions to European Energy Autonomy
Notably, the financing aligns with the REPowerEU program, aimed at boosting the European Union’s energy autonomy. With Nexans at the helm of critical decarbonisation and electrification activities, this partnership is poised to play a vital role in achieving the EU's sustainability goals.
Vision for a Sustainable Future
Ambroise Fayolle, EIB Vice-President, emphasized the importance of Nexans in the energy transition, noting that its advancements in power cable technology are essential for the electrification of various sectors. Christopher Guérin, CEO of Nexans, echoed this sentiment, stating that this renewed support from EIB will not only amplify Nexans’ production capacities but also significantly contribute to the energy transition agenda.
About Nexans
Nexans stands as a global leader in sustainable electrification, focusing on designing essential systems that facilitate the transition to a low-carbon future. With over 140 years of expertise, Nexans is driven by its commitment to innovation in the areas of renewable energy, smart cities, and electrifying progress safely and sustainably.
Operating in 41 countries with a workforce of 28,500 people, Nexans achieved €7.1 billion in standard sales in a recent year. Its operations align with the goal of achieving Net-Zero emissions by 2050, furthering its impact through initiatives like the Fondation Nexans.
Frequently Asked Questions
What is the purpose of the EIB funding for Nexans?
The EIB funding is aimed at enhancing Nexans' research, development, and industrial investments, particularly in cable production and copper recycling.
How will Nexans use the €250 million received?
The funding will be used for construction of a new factory, expansion of existing facilities, and investments in R&D aimed at promoting sustainable electrification.
What sustainability goals is Nexans pursuing?
Nexans aims to achieve carbon neutrality by 2050, focusing on innovations that contribute to the energy transition and a circular economy.
How does the funding support European energy autonomy?
The funding will bolster Nexans' capabilities in electrification and decarbonisation, key factors in enhancing the energy independence of the EU.
What was Nexans' sales figure recently?
Nexans reported €7.1 billion in standard sales, underscoring its significant role in the global market for sustainable electrification solutions.
