Nexans to accelerate sustainable mobility with investment in IES, global expert of EV fast-charging solutions
Investment in fast-charging specialist will enable Nexans to extend its range of solutions and services for electric vehicle infrastructure to provide a comprehensive global offer for DC and AC applications.
Paris La Défense, January 15, 2018 – Nexans has announced a capital investment in IES, leader in the production of charging solutions for electric vehicles. Nexans’ investment comes as part of a new fund-raising round for the company, including further investment by Eurazeo, IES’s majority shareholder. The funds raised will allow IES to develop its commercial potential, expand its product range, and strengthen its international presence.
The passenger electric vehicle (EV) market is continuing to show strong growth, with worldwide sales expected to exceed 1.1 million of vehicles in 2017 – an increase of close to 50 percent on 2016.1 For sustainable mobility to truly become mainstream, the world needs extensive infrastructure to support EVs in the form of smart, fast-charging stations that will make them as convenient and easy to use as conventional petrol or diesel-fueled vehicles. Nexans has taken the next step in meeting this challenge by announcing a capital investment in IES, the specialist manufacturer of fast-charging direct current (DC) solutions.
IES, an industry leader with over 25 years of know-how in charging solutions
With its innovative fast-charging solutions, based on unique high frequency power switching technology, IES has become a global market leader serving automotive OEMs, as well as industrial EV OEMs and EV charging infrastructure providers. IES has 25 years of know-how in charging solutions and specializes in the design and manufacture of onboard and external vehicle charging systems rated at up to 100 kilowatts.
The company is headquartered in France, with affiliates in the US, China and Germany.
“IES has established an excellent reputation as a specialist supplier of EV charging systems offering the highest levels of quality, reliability and performance. This has enabled us to achieve 25 percent average year-on-year growth in sales for the past three years,” said Jean-Michel Cornille, President of IES. “The presence at our side of an international leading industrial actor, on top of our historic partner, Eurazeo, will create excellent synergies to accelerate our development. By leveraging Nexans’ international sales force, extending our product & service solutions, and adding major investment to further accelerate our new product development, we look forward to taking our business to the next level and reinforcing our leading position on the dynamic and fast-growing e-mobility market.”
A strategic partnership aligned with Nexans’ ‘Paced for Growth 2018-2022’ plan
The cooperation with IES builds on Nexans’ existing investments in EV charging solutions, including alternating current (AC) charging stations. These strategic partnerships enable Nexans to offer a comprehensive portfolio of charging hardware, software and services for all applications, both DC and AC.
Christopher Guerin, Nexans Senior EVP, Europe and Telecom/Datacom, Power Accessories Business Groups, said: “IES is a valuable addition to our sustainable mobility portfolio, both for its advanced fast-charging technology and the strong relationships it has already established with major players in the industrial EV, automotive OEM and charging infrastructure sectors. This investment is a perfect illustration of our recently announced strategy for 2018-22 to extend Nexans’ offer in our Building & Territories segment beyond cables to provide complete solutions for EV charging stations.”
Currently, Eurazeo is the main shareholder of IES. Following this investment Nexans will own a 27.8 percent stake in IES, with Eurazeo and the management holding the remainder of the capital.
Yann du Rusquec, Managing Director and Head of Eurazeo Growth, added: “Since our investment in 2013, IES has significantly progressed thanks to the extension of its high quality product range and its promising international development. Today, in light of the strong market potential combined with IES's growth, we are renewing our commitment by investing once again in the company. Having Nexans at our side will allow IES to capture significant and positive new development opportunities over the coming years.”
1 EV-Volumes, Global Plug-in Vehicle Sales for 2017 H1 + July, August Update
IES (Intelligent Electronic Systems) is a leading company recognized for advanced electric vehicle battery charging solutions. Founded more than 25 years ago, IES has created a high expertise for designing and manufacturing high frequency battery chargers at the edge of the technology. First engaged on the industrial vehicle market, where reliability and compacity were key, IES has developed a complete range of on-board chargers recognized by top leading industrial actors in the world. IES has also actively participated to the emergence of the electric passenger vehicle market, becoming for instance the exclusive on-board charger supplier for one vehicle from a top French manufacturer. Working closely with a leading German car maker, IES has also elaborated in 2010 one of the first CCS Combo DC fast chargers. Combining compacity, performances and reliability, the IES technology is used today by many leading car OEMs in the world to help developing their new electric vehicles. Thanks to the support of Eurazeo, who acquired a majority of the company shares in 2013, IES has built a strong international presence for fast charging infrastructures. The KEYWATT technology has been selected as the core solution of many charging infrastructure actors in Europe, North America, and more recently in China through its joint venture created with WANMA in 2015. At end of 2017, more than 4,000 KEYWATT chargers have been deployed in the world, making IES as one of the leading companies for the transition to electric mobility. For more information, please consult: www.ies-synergy.com
As a global leader in advanced cabling and connectivity solutions, Nexans brings energy to life through an extensive range of best-in-class products and innovative services. For over 120 years, innovation has been the company’s hallmark, enabling Nexans to drive a safer, smarter and more efficient future together with its customers. Today, the Nexans Group is committed to facilitating energy transition and supporting the exponential growth of data by empowering its customers in four main business areas: Building & Territories (including utilities, smart grids, emobility), High Voltage & Projects (covering offshore wind farms, submarine interconnections, land high voltage), Telecom & Data (covering data transmission, telecom networks, hyperscale data centers, LAN), and Industry & Solutions (including renewables, transportation, Oil & Gas, automation, and others). Corporate Social Responsibility is a guiding principle of Nexans’ business activities and internal practices. In 2013 Nexans became the first cable provider to create a Foundation supporting sustainable initiatives bringing access to energy to disadvantaged communities worldwide. The Group’s commitment to developing ethical, sustainable and high-quality cables drives its active involvement within several leading industry associations, including Europacable, The National Electrical Manufacturers Association (NEMA), International Cablemakers Federation (ICF) or CIGRE to mention a few. Nexans employs more than 26,000 people with industrial footprint in 34 countries and commercial activities worldwide. In 2017, the Group generated 6.4 billion euros in sales. Nexans is listed on Euronext Paris, compartment A. For more information, please consult: www.nexans.com
With a diversified portfolio of approximately €8 billion in assets under management, Eurazeo is a leading global investment company with offices in Paris and Luxembourg, New York, Shanghai and Sao Paolo. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The firm covers most private equity segments through its five business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. As a global long-term shareholder, the firm offers deep sector expertise, a gateway to global markets, and a stable foothold for transformational growth to the companies it supports. Eurazeo is listed on Euronext Paris. ISIN: FR0000121121 - Bloomberg: RF FP - Reuters: EURA.PA