Avolta has acted as exclusive financial advisor to Heliup, a leading French deeptech industrializing ultra-lightweight photovoltaic panels for large-scale rooftop solarization, on its €16 million fundraising round.
The round was led by Supernova Invest, alongside the entry of new investors (MAIF Impact, Lita Gestion, and C2AD) and the continued support of historical shareholders Starquest Capital and BNP Paribas Développement. This transaction marks a decisive milestone in Heliup’s European industrial scaling and commercial expansion.
Heliup.
Based in Le Bourget-du-Lac (Savoie), Heliup is a CEA spin-off developing and manufacturing ultra-lightweight photovoltaic panels specifically designed for large rooftops with limited load-bearing capacity, a vast, structurally underserved segment of the European building stock. Its proprietary architecture, combining state-of-the-art silicon cells with a purpose-built lightweight encapsulation technology, enables rapid solar deployment without structural reinforcement, significantly reducing installation costs, timelines, and environmental impact. Heliup operates a 100 MWc production facility in Le Cheylas (Isère), operational since January 2025 and supported by the EU Innovation Fund (project SHEEFT). The company has been recognized as SolarPower Europe’s “Startup of the Year 2025” and received the EUPD Top Innovation Award 2025 in the Photovoltaic Modules category. Heliup is positioned at the intersection of Europe’s accelerating rooftop solar mandate, growing self-consumption demand, and industrial sovereignty agenda.
Transaction Rationale.
This new funding will enable Heliup to accelerate the scale-up of its French manufacturing base, expand commercial teams across Europe, and prepare the replication of its industrial model through additional production units, with a stated ambition of a 10x capacity increase from 2028. The entry of Supernova Invest, Europe’s leading deeptech investment platform managing approximately €800 million, brings significant sector expertise and industrial network. MAIF Impact and Lita Gestion reinforce the company’s impact-oriented investor base, while C2AD anchors continued regional support. The renewed commitment of Starquest Capital and BNP Paribas Développement confirms the strategic conviction behind Heliup’s technology and execution trajectory. The transaction positions Heliup as a key enabler of European energy sovereignty and building decarbonization, addressing a market where a significant share of logistics, industrial, and tertiary rooftops remain inaccessible to conventional photovoltaic solutions.
Avolta.
Avolta is a leading European tech investment bank with recognized expertise in software and Hard Tech transactions. Advising Heliup in its €16m fundraising sets another landmark for Avolta in the Deeptech space, confirming its leadership, having recently advised:
AI Verse: on its growth investment from Supernova Invest, Innovacom, Bpifrance & Créazur
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
Space Cargo Unlimited: on its growth investment from Expansion, Eurazeo, EIC, and others
Water Horizon: on its growth investment from Eren & Banque des Territoires
TiHive: 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
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
Qarnot develops hardware and software solutions for smart buildings and distributed green computing. The company’s turnover has doubled every year for the last two years, thanks to numerous commercial successes, both in the real estate and IT sectors. More than 1,200 Qarnot radiators-computers have been installed today and many new partnerships have already been signed with public and private players.
This capital raise will enable Qarnot to become the European leader in high-performance computing, thanks to accelerated growth and diversification of its customers. Qarnot’s offer will be based on its distributed, economical, ecological and sovereign infrastructure, with the continued installation of QH-1 computer heaters (buildings), QB-1 digital boilers (water networks) and QS-1 computing racks (warehouses).
In the meantime, in-house R&D will be consolidated to maintain the company’s technological lead. These objectives will be achieved with an ambitious recruitment plan, especially in the IT and sales fields.
Founded in 2010, Qarnot computing develops the Q.rad, the first computing heater using embedded high-performance computers as a heat source in order to offer performant and secured cloud computing services on a totally disruptive and distributed infrastructure. Providing free and efficient green heating for buildings, present in every room and integrating more than 20 sensors, Q.rads also makes buildings smart.
Winner of the Popular Mechanics Editors’ price at the last Consumer Electronics Show, Qarnot computing settled more than 400 Q.rads units in France. The company has prestigious cloud computing clients such as BNP Paribas, Disney, Air Liquide and the CNRS. Over the past months, the team has built strong partnerships with HP, Microsoft, IBM, Intel and Orange to strengthen its technologies.
The funding round has been led by Colony Capital through Data4, a group specialized in data centers. Joining Colony Capital through Data4, Qarnot Computing will be part of one of the largest funds worldwide. This will help Qarnot Computing extend its activity to the US market. Qarnot Computing is expected to deploy first on Data4 historical market such as Northern Europe and Italy.
Tok Tok Tok has been founded by Serge Alleyne, serial entrepreneur since 1999 who has successfully sold his former company Nomao to Ebuzzing. The founding team is rich from 10 years of experience in building and growing companies with specific expertise in mobile development, logistics, marketing and legal. Tok Tok Tok is food delivery app that incorporates modern and urban brand values. The startup differentiates itself from its competitor because its service goes beyond traditional delivery: it disrupts the shopping experience and how people consume locally. By using independent and geolocated Runners, the service is cost efficient and scalable.
Tok Tok Tok announced the closing of a financing round led by a Family Office. The funding will reinforce the technical team to bring additionnal features and imporved efficiency to the food delivery app. On the other hand, the funding will help to increase the brand awareness and the management team hopes to onbaord hundreds of new restaurants in the coming months while expanding the service to new cities in France. So far, the Tok Tok Tok users have access to a large selection of 25 000 delicious items that can be delivered within the next minutes by geolocated Runners tracked in real-time.