French cable supplier Nexans has received a €200m ($224m) loan facility from the European Investment Bank (EIB) to expedite its role in the global energy transition.
The loan amount will also support Nexans’ commitment to reaching net-zero carbon emissions by 2030.
Nexans will use the loan facility to fund its research and development (R&D) activities, expand its plant in Halden, Norway, add to its product portfolio, increase ‘digital plants’ and improve its energy efficiency.
The EIB said that Nexans’ activities are in keeping with European Green Deal goals.
EIB vice-president Ambroise Fayolle said: “Nexans’ ambitions and strategy are fully aligned with the EIB’s priorities on climate, environment and innovation.
“For the EIB, supporting industries taking action to address the climate emergency is key.
“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.”
Nexans also plans to use the loan facility for its R&D projects that focus on optimising cable performance, improving fire safety and the circular economy by using recycled materials and recycling.
The financing will help the company upscale innovations at its Cloud Digital Factory and Design Labs in the digital service and connected solution segments.
Nexans CEO Christopher Guérin said: “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 emission in our operations.”
In July, Nexans received a contract to supply a power export cable for Equinor’s floating solar power plant in Norway.
In February, the company shared plans to add two high-voltage direct current (HVDC) cable manufacturing lines to its Halden plant by 2024.