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Nexans to accelerate sustainable mobility with investment in IES, global expert of EV fast-charging solutionsJan 15, 2018
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