French cable systems designer and manufacturer Nexans has secured €250 million in financing from the European Investment Bank (EIB) that will support its research, development and innovation programs for the period 2024-2029, along with some industrial and recycling investments.
The financing is structured over two contracts, including a €190 million loan with a guarantee under the InvestEU program, which backs innovation, sustainability and competitiveness in strategic sectors of the EU economy, while the second, €60 million loan comprises the remainder of the financing.
This is also part of the EIB’s support for REPowerEU, the program to strengthen the European Union’s energy autonomy.
The investment will cover the construction of a new factory in Lens by 2026, increasing copper wire production by over 50% and recycling up to 80,000 tons of copper a year, announced in October 2024, as well as strengthening the Charleroi, Erembodegem and Calais sites, with a comprehensive investment program to support growth in offshore wind and submarine interconnections, announced in September 2024.
Furthermore, the financing will back capacity expansion at the Bourg-en-Bresse site to meet growing electrification demand in France and across Western Europe, particularly via the production of low-carbon medium-voltage cables, announced in August 2024, as well as research and development projects aligned with Nexans’ strategy to reach carbon neutrality by 2050, in line with the Science Based Targets initiative (SBTi).
Nexans CEO Christopher Guérin said: “ This renewed EIB and InvestEU support will enable us to accelerate our industrial and innovation strategy to make Nexans a key player in sustainable electrification in Europe. With this financing, we will be able to further expand our production capacity, bolster copper recycling and innovate even more to back the energy transition and European industrial autonomy .”