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Nexans has been awarded the cable contract for PacWave South, the first U.S. grid-connected, wave energy test facility that is being jointly developed by the U.S. Department of Energy, the state of Oregon, and Oregon State University to further the research of innovative renewable technologies.

A press release said that the project is a significant step in the American sustainable energy transition and will further solidify Nexans’ position as a pure player in sustainable electrification. PacWave South consists of four berths that capture the energy generated from the movement of waves and each berth will produce up to 5MW of energy.

RT Casey LLC has selected Nexans for the design, engineering and manufacturing of the 36 kV submarine and terrestrial cables that will run across the ocean floor; Nexans will provide the four medium voltage AC (MVAC) cables that bring the energy from the berths to shore. The cable lengths total 80 km or roughly 20 km per cable. This project serves as a pilot to test an alternative form of energy generation that is renewable and minimally invasive to the environment.

“Signing the contract for PacWave South shows Nexans’ commitment to innovation and sustainable energy solutions,” said Ragnhild Katteland, executive vice president of Nexan’s Generation and Transmission Business Group. “The future of energy generation will contain a large variety of renewable sources and PacWave’s wave energy facility will give us the knowledge necessary to further develop this new and exciting form of power generation.”

The project, scheduled to be energized by 2024, was described as a significant step in the American sustainable energy transition and an important milestone in Nexans’ strategy of becoming an organization dedicated to innovation and sustainable electrification.

NKT announced that it will sign a joint venture agreement with Taiwanese cable company, Walsin Lihwa, to provide technical support for the construction of the first subsea power cable factory in Taiwan.

A press release said that the factory will produce high- and medium-voltage AC offshore power cables mainly for the Taiwanese offshore wind market. This is expected to grow rapidly in the next decade to drive the green transition of the country. NKT will own a share of the joint venture and will act as the technical partner.

Aside from establishing a joint venture, the agreement includes a service agreement for building the factory, and another that will license NKT technology to the JV. When the factory is in operation, expectedly in 2027, NKT will generate revenue based on a royalty scheme and dividend from the joint venture. Final constitution of the joint venture is subject to customary regulatory procedures.

The partnership will see the establishment of the Walsin Energy Cable System Co. Ltd. (Walsin) with agreements that will result in the construction and operations of the Kaohsiung Submarine Cable plant. Walsin will own 90% of Walsin Cable, and NKT the remainder. The plant, which will primarily manufacture high-voltage export cables and medium-voltage AC cables to serve the offshore wind power market, is expected to undergo trial runs by the end of 2025, with full production by 2027.

“We expect high growth in the Asian market in the coming decades,” said NKT President and CEO Alexander Kara. “Taiwan is targeting to install additional 15 GW of offshore wind by 2035. The joint venture is ... an opportunity for us to participate in a new, growing market, which is otherwise challenging to serve. It is an important first step for NKT to establish presence in the Asian high- and medium-voltage market and a platform for future growth in the region.”

“Taiwan is blessed with an abundance of wind resources, presenting vast commercial opportunities in offshore wind power and submarine cable,” said Yu-Lon Chiao, chairman of Walsin Lihwa. “Walsin is honored to enter into a win-win partnership with NKT ... to further our clean energy strategy and contribute towards Taiwan’s green energy future”

Bekaert announced it has reached an agreement on the sale of its Steel Wire Solutions businesses in Chile and Peru to its current partners.

A press release said that the transaction—which has a total enterprise value of approximately $350 million, and will result in net proceeds for Bekaert’s stake of $136 million—is expected to close in 2023, subject to applicable regulatory approvals and customary closing conditions. The facilities manufacture, sell, and distribute steel wire products primarily for construction, agricultural fencing, mining, and industrial applications.

The agreement includes shares held by Bekaert in the following entities: Industrias Chilenas de Alambre-Inchalam SA in Talcahuano, Chile; and Prodalam SA in Santiago, Chile; along with their subsidiaries in Chile and Peru. Bekaert currently holds 52% of the shares in the Chilean entities and 38% of the shares in the Peruvian entities. The transaction excludes Bekaert’s wholly owned Bridon-Bekaert ropes entities in Chile and Peru.

The release said that the divestment decision relates to Bekaert’s strategy in recent years to improve its business portfolio by reducing exposure to more commoditized and volatile markets while increasing its presence in faster growing markets. Those include new mobility, green energy, and low-carbon concrete solutions that typically offer higher profit margins and higher returns on capital. “While the partnership has been successful for nearly 75 years, Bekaert believes it is now the right time to exit these businesses and focus on our target segments.”

The activities of the companies to be divested generated approximately €650 million in consolidated revenue in 2022, with a profit margin below the Bekaert target range. “The proceeds from the transaction will further strengthen our balance sheet and support our commitment to shareholder returns and investment plans for growth.”

“Bekaert was an early entrant into the Latin American market,” said Kenart CEO Oswald Schmid. “Our partnership ... in Chile dates back to 1948 and was extended with the establishment of our partnership in Peru in 1994. ... At the same time, it is another important strategic step in the ongoing transformation of Bekaert and its further positioning in new, fast-growing markets.”