EDF and private equity specialist Siparex have established the France Nuclear Fund 2 (FFN2 – Fonds France Nucléaire 2), the second fund for the nuclear sector. This is a continuation of the France Nuclear Fund, launched in October 2021, which raised €100m ($112m). Investors included EDF, Framatome, Orano, TechnicAtome, major clients in the nuclear industry, as well as Siparex Associés, sponsor of the Siparex Group funds.
According to EDF: “The aim of FFN2 is to support SMEs and mid-sized companies with significant expertise in the nuclear sector, in order to address the growing needs of the sector, which contributes to the challenges of energy sovereignty and defence,” EDF said. “The FFN2 aims to invest tickets up to €50m, alone or in co-investment, in a majority or minority position.” The target is €300m including from new institutional, industrial and private investors. EDF noted that “with more than 2,000 companies and 220,000 employees participating in the economic vitality of the territories, the French nuclear sector is the third industrial sector in France.
FFN2 has already made its first investment in Ekoscan Integrity Group, a global provider of advanced non-destructive testing solutions for critical industrial applications and infrastructure, alongside the company’s founder and management team, Eurazeo, and ALIAD (Air Liquide Venture Capital). “This operation will enable FFN2 to contribute to the development of Ekoscan Integrity and to increase its essential contribution to the nuclear industry through its ability to develop innovative solutions for critical industries and revolutionary control solutions,” EDF said.
“The France Nuclear Fund has demonstrated the relevance of the role of a sector fund to address the financing and support needs of companies in the nuclear sector,” said Siparex President Bertrand Rambaud. “At a time when the stakes of energy sovereignty are increasingly strong, I am happy that the FFN2, led by a team of experienced’ investors, can finance and support these beautiful companies with the support of EDF, accompanied by the major players in the sector and supported by our sponsor Siparex Associates.”
Benoit Desforges, France Nuclear Fund Managing Partner said the establishment of FFN2 “is in line with what the first fund has managed to implement, demonstrating the interest of targeting both strategic objectives for the actors of the sector and financial performance objectives”. He added: “I am very happy to see major orders donors of the sector subscribe to the FFN2 alongside EDF, and to see institutional investors join them, thus strengthening the support system as well as the investment capacity.”
For Xavier Ursat, EDF Group Executive Director, in charge of the Strategy, Technologies, Innovation & Development said the aim of FFN2 “is to prepare the future by being alongside companies in the nuclear sector and giving them today the means to develop, to innovate and to gain sovereignty”.
