Ecostal Group raises €100 million to pursue its European expansion

Photo © Valentin Bianchi / Hans Lucas

The company has received strong backing from institutional and private investors.

Ecostal Group, a major player in the energy transition active in the B2B distribution of photovoltaic solutions and in the design, manufacture and installation of photovoltaic structures for medium to large-scale projects, today announced an agreement for a €100 million fundraising.

This transaction gives Ecostal a stable shareholder base, keeping control of one of Europe’s energy transition leaders in Belgium while the company continues its expansion in international markets.

Strong support from institutional and private investors

The first half of the fundraising took the form of a capital increase subscribed by a consortium made up of Wallonie Entreprendre (WE), Noshaq and TRANSENERGIE, as well as by the company’s management, a sign of the latter’s confidence in Ecostal Group’s European ambitions.

The second half consists of loans from Belgian banks, WE International and the management.

The aim of the fundraising is to finance the group’s organic growth as well as its recent acquisitions (Project Zero, Yomatec in France and Solexis in Switzerland). The announcement also coincides with the official confirmation of the acquisition of Solexis, a major player in the B2B distribution of equipment and solutions for photovoltaic installations in Switzerland.

Responding to a market in (r)evolution

With this funding, Ecostal Group intends to seize market opportunities by strengthening its international presence and diversifying its range of products and services. The group will invest in developing its logistics platform and in an own-brand product range that does not compete with the products it already distributes. To do so, Ecostal Group will draw on the expertise of SigueSol, its engineering company, which develops ground-mounting solutions for solar farms and solar carports.

In parallel, and over the longer term, the group is working with external partners on panel recycling solutions, which will sustainably accelerate the replacement of old panels with higher-performance ones.

“Convincing players such as Wallonie Entreprendre, Noshaq and TRANSENERGIE sends a strong signal to the sector. I am delighted with this collaboration and to welcome a group of first-rate, complementary investors,” says Stéphane Dauvister, founder and Chairman of the Board of Ecostal Group. “Through the acquisitions of Project Zero, Yomatec and Solexis, the Ecostal group has moved up a league. With this new critical mass in the market, we will be able to compete more easily with local players, notably thanks to larger teams and more skills on board.”

“We are now better equipped to compete with larger European players. Each acquired company has real, specific expertise that Ecostal Group can draw on to serve its customers better. A broader European presence also means greater product availability, which is a real advantage for our customers,” explains Christophe Piron, CEO of Ecostal Group.

In the words of Olivier Bouchat, member of the management committee of WE, the consortium’s lead investor: “The participation of the public consortium (WE, Noshaq and TRANSENERGIE) in this funding round is fully in line with our own ambition to support the transition to a decarbonised Walloon economy. Supporting the organic and external growth of a major European player in the energy transition with its origins and roots in Wallonia seems essential to us. The prospect of a long-term collaboration aimed in particular at developing an own-brand product range and a recycling chain, in a sector with considerable future potential, also helps to support the circular economy.”

About Ecostal Group

Founded in 2008 by Stéphane Dauvister, Ecostal Group has established itself as a major player in the energy transition. The group’s business is organised around two main divisions. The first is the B2B distribution of photovoltaic solutions, including solar equipment, batteries and charging points, for residential projects as well as small to medium-sized commercial and industrial projects. The second covers the design, manufacture and installation of photovoltaic structures for medium to large-scale projects, notably ground-mounted installations, canopies and agrivoltaic solutions.

Ecostal Group operates in France through the French subsidiaries of Ecostal and SigueSol, as well as Yomatec, and stands out for its commitment to providing innovative photovoltaic solutions tailored to the specific features of the French market. Drawing on its local expertise and a stronger presence in the country, the company plays an active part in the energy transition by offering tailor-made solutions that address the energy challenges of today and tomorrow.

Ecostal Group operates in Belgium, France and Spain through 9 separate legal entities (Ecostal Group SA, Ecostal SA, Ecostal SAS, Siguesol SRL, Siguesol SAS, Project Zero BV, SolaRecycle SA, Yomatec SA, Yomatec Solar SL). The company has around sixty employees dedicated to the energy transition.

About Wallonie Entreprendre

Wallonie Entreprendre (WE) is the economic and financial instrument serving Walloon businesses. WE provides the resources needed to develop economic activity in a range of sectors such as energy, agri-food, biotech, deeptech and many more. WE’s investments and financing are always geared towards the creation, growth, transfer or revival of businesses. WE ensures compliance with social and environmental standards and promotes sustainability and circularity in economic practices.

For more information: www.ecostal.com, www.ecostal.fr, www.project-zero.be, www.ecostal-engineering.com, www.yomatec.com, www.solexis.ch.

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Ecostal Group press contact:

Thierry Chonglez, Group Head of Marketing

M: +32 497 512 712

Email: thierry.chonglez@ecostalgroup.com

WE press contact:

Nathalie Lafontaine, Spokesperson

M: +32 476 93 38 49

Email: nathalie.lafontaine@wallonie-entreprendre.be