Avolta has acted as exclusive financial advisor to Water Horizon, a leading French innovator in industrial waste heat recovery, on its €18 million fundraising round.
The round was completed with the continued support of its historical shareholders — Banque des Territoires (on behalf of the French State within the France 2030 program) and Delmas Investissement et Participation — alongside the entry of a new strategic investor, Groupe EREN. This transaction marks a major milestone in Water Horizon’s industrial scaling and international development ambitions.
Water Horizon.
Based in Toulouse, Water Horizon is a pioneer in the valorization of industrial waste heat for the production of low-carbon cooling. Through its innovative “Cooling As A Service” (CaaS) model, the company supplies on-demand cooling to industrial and tertiary clients by recovering locally available waste heat. Its proprietary technology drastically reduces both energy costs and carbon footprint, offering a sustainable alternative to conventional, electricity-intensive cooling systems using high-GWP refrigerants. Water Horizon is positioned at the heart of the fast-growing European cooling market, expected to exceed 800 TWh annually by 2050.
Transaction Rationale.
This new funding will enable Water Horizon to accelerate large-scale deployment of its solutions across Europe and internationally, strengthen industrialization, and leverage high-value operational synergies — notably through the Africa Power Services platform operated by Delmas Investissement et Participation. The entry of Groupe EREN brings strong international expertise in renewable energy and infrastructure, significantly reinforcing Water Horizon’s global growth strategy. Continued support from Banque des Territoires confirms the strategic importance of the company’s solutions for the energy transition of territories and industries.
Avolta.
Avolta is a leading European tech investment bank with recognized expertise in software and Hard Tech transactions. Advising Water Horizon in its €18m fundraising sets another landmark for Avolta in the Deeptech space, confirming its leadership, having recently advised:
U-Space: on its growth investment from Blast, BPI, Expansion Capital, and others
Lattice Medical: on its growth investment from BPI, Blast, EIC, and others
Ti Hive: on its growth investment from Karista, Wind, and EIC
Hexana: on its growth investment from Blast, Eren, CEA, and Région Sud Invest
Aisprid: on its growth investment from Innovacom, BPI, Demeter, Go Capital, and Breizh’up
Vela: on its growth investment from Crédit Mutuel Impact, BPI, 11th Hour, and others
