The European Investment Bank (EIB) has granted a €200 million loan facility to Nexans to support its role in the world’s energy transition and commitment to contribute to carbon neutrality by 2030.
The loan covers financing of research and development (R&D), new product developments, and investments targeting digital plants.
It also includes energy efficiency transformation as well as the expansion of the Halden plant in Norway.
Furthermore, the EIB loan will enable Nexans to intensify R&D projects aiming to optimise cable performance and design, improve fire safety and enhance circular economy through the use of recycled materials and recycling.
The cabling specialist added that the financing will scale up innovations from its Cloud Digital Factory and Design Labs in the areas of digital services and connected solutions such as Infrabird and Vigishield .
“We are pleased to be able to boost our investment and innovation activities to amplify electrification thanks to the commitment from EIB and the strong support they are showing. This financing facility will allow us to lead the energy transition of Europe in a sustainable way by strengthening our innovations and ability to reduce carbon emissions in our operations”, said Christopher Guérin , CEO of Nexans.
Earlier this year, Nexans revealed its plans to add two new lines for high voltage DC (HVDC) export cable manufacturing at its Halden plant by 2024.
The HVDC cables are said to be a key enabler of the European energy transition as they are a key component of building interconnections between European countries to mitigate the intermittence of energy from renewable sources.
“Nexans’ ambitions and strategy are fully aligned with the EIB’s priorities on climate, environment and innovation” , said Ambroise Fayolle , EIB’s vice president.
“The expansion of Nexans’ plant in Halden serving infrastructure for renewable energies, as well as the digital transformation of the production tool, are some tangible illustrations of Nexans’ clear roadmap to which the EIB’s financing will be allocated”.
According to Nexans, the EIB financing will support part of the planned associated investments, helping the company to meet its commitments to contribute to carbon neutrality by 2030.