The Montpellier-based company has recently secured a contract to supply the onboard charger for the two-seater Renault Twizy, adding to its client base that also includes Volkswagen and BMW.
IES saw its revenues climb from €5m when it was bought out by Demeter Partners in 2006 to €14m last year. The company will use the financing to fund further research and international development.
Eurazeo Croissance managing director Yannick Marion said, “IES is a French pioneer, extremely well placed to benefit from the current major surge in its market.
“It offers solutions to today’s mobility challenges, at a time when over half the global population lives in urban areas and the need to reduce pollution in cities and dependency on fossil fuels has become essential.”
Eurazeo saw its net asset value grow more than 16 per cent last year amid an acceleration in rotating its portfolio.
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