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Paris, March 7, 2022 – Kyotherm closes a new €45 million round of financing and welcomes Andera Partners to its capital alongside its historic shareholders Noria, Johes, Starquest, Ciclad and Bpifrance, who are reinvesting in the company. This operation will enable the company to accelerate its development.

Kyotherm specializes in the co-development, financing and management of renewable heat production and energy-saving projects, and is involved in all renewable heat production technologies, including biomass, geothermal and solar thermal, where the company is one of the leaders with a presence at over 100 sites in Europe. The company also invests in energy efficiency projects, through energy savings and waste heat recovery for major industrial groups such as ArcelorMittal and Faurecia, or through lighting and building insulation projects.

Strongly committed to the fight against climate change and in favor of low-carbon energies and energy savings, Kyotherm translates this commitment into the choice of technologies and projects with maximum impact on the reduction of greenhouse gas emissions. The company estimates that its current portfolio of 130 MW of capacity will prevent the emission of over 1,500,000 tCO2.

This new €45 million round of financing marks Andera Partners’ entry into the capital via its recently launched “Andera Smart Infra 1” fund. Historical shareholders Noria, Johes, Starquest, Ciclad and Bpifrance are also reinvesting in the company. Through this operation, the company aims to accelerate its activity: after passing the 100 MW mark in operating capacity during 2021, Kyotherm is aiming for 200 MW by the end of 2022 and 500 MW by 2025.

Arnaud SUPLUGAS, Founder and Chairman of Kyotherm:I would like to thank all those who have agreed to share with us the risks and promises of the energy transition proposed by Kyotherm. This new fund-raising round, which was largely oversubscribed, once again validates the relevance of Kyotherm’s positioning, which focuses above all on “carbon value” in its projects, with a CO2 impact per euro invested that is among the best on the market. We have a huge amount of work ahead of us, and we’re delighted to be able to count on the support of Andera Infra to help us along the way. We are also honored that our historical shareholders have renewed their confidence by increasing their investment in the company. This round concludes a cycle of three transactions in less than three years, during which we have raised a cumulative €94 million to invest in our project companies (enabling us to finance around €400 million of capex with the help of senior lenders). We look forward to the next phase of rapid growth.” 

Guy AUGER, Partner, Andera Partners: “In just a few years, Kyotherm has become a key player in the renewable heat sector. Its solid business model, growth prospects and positive environmental impact have convinced us. We’re delighted to support them and contribute to their growth and the deployment of their impact infrastructure.”

Eric BRUGUIÈRE, Partner, Ciclad:We are very impressed by Kyotherm’s performance, both economically and in terms of environmental impact. It’s a very positive sign for all of us, historical shareholders, to welcome Andera Infra to our side, confirming the attractiveness of Kyotherm’s project and attesting to the talent with which its teams are making it the leader in renewable heat.”

Arnaud DELATTRE, President, Starquest: “As the very first investor when Kyotherm was just a Power Point, Starquest is particularly proud to participate once again in the financing of Kyotherm, which we believe brings the best return on investment in terms of environmental impact.” 


For Kyotherm:

  • Financial advisor: Finergreen (Agathe CHAMPAGNE, Bastien MARTINEZ, Arthur OMONT, Théo BARALLON)
  • Legal advisor: Chammas & Marcheteau (Romain PENLOUP, Denis MARCHETEAU)

For financial investors :

  • Legal advice: DGFLA

About Kyotherm

Kyotherm is an investment company specializing in the co-development, financing and management of renewable heat production and energy-saving projects. For over 10 years, Kyotherm has been supporting energy project developers in the fields of biomass, geothermal, solar thermal, waste heat recovery and energy efficiency in France and abroad. Kyotherm has developed a portfolio of 130 MW of capacity at around 100 sites worldwide. For further information:

About Andera Partners

Founded over 20 years ago,Andera Partners

Andera Partners is a major player in unlisted investments in France and abroad. Its teams manage more than 3.2 billion euros in life sciences (Andera Life Sciences), expansion capital and buyouts (Andera MidCap, Andera Expansion, Andera Croissance), sponsorless operations (Andera Acto) and ecological transition (Andera Infra).

Andera Partners’ mission is to work with companies and their managers to help them achieve strong, sustainable growth. The quality of performance offered to our investors is based on a strong partnership between the entrepreneurs in our holdings and our teams, founded on shared values. Performance through collective commitment, the Power of And, represents the DNA of Andera Partners.

Based in Paris, with offices in Antwerp and Munich, Andera Partners is 100% owned by its teams of around 85 people, including 54 investment professionals. It is organized as a partnership and managed by a college of 10 partners. Responsible and committed, the management company regularly sets up community partnerships and takes concrete action in the fight against global warming. Andera Partners has held the Carbon Neutral label since 2018.

About Bpifrance

Bpifrance’s equity investments are managed by Bpifrance Investissement. Bpifrance finances companies – at every stage of their development – with credit, guarantees and equity. Bpifrance supports them in their innovation and international projects. Bpifrance now also supports their export activities through a wide range of products. Consulting, university, networking and acceleration programs for startups, SMEs and ETIs are also part of the range of services offered to entrepreneurs. Thanks to Bpifrance and its 50 regional offices, entrepreneurs benefit from a single, close and efficient contact to help them meet their challenges. For further information, visit Follow Bpifrance on Twitter : @Bpifrance – @BpifrancePresse

About Noria

Noria is a family investment structure created in 2005 and based in Lille. Noria holds equity stakes in around twenty companies, the majority of which are involved in low-carbon energy production.

Noria makes minority equity investments in companies at seed or later stages of development, as well as in energy infrastructure projects.

About Ciclad

A long-standing independent private equity player, Ciclad supports the growth of SMEs and ETIs in France and abroad. Founded in 1988, Ciclad is an experienced group, having invested alongside more than 160 executives and management teams over 30 years. Ciclad is involved in buy-outs and capital strengthening operations, in contexts of strong growth or turnaround. Today, the Ciclad team is made up of 17 professionals, all of whom share a common goal: to provide caring support for companies’ success stories. For further information, please visit : Follow Ciclad on Linkedin, Twitter and Facebook.

About Starquest

Starquest manages 300 million euros in the fight against environmental pollution and resource depletion. Since 2008, Starquest has completed more than 100 deals, most of them in high-tech sectors, with a focus on industrialization in France. Starquest’s team of 12 professionals is set to continue growing rapidly, with the support of Montefiore, France’s best-performing Small & Midcaps management company over the past 10 years (2.5 billion euros under management).

About Johes

Johes is a family-owned company dedicated to the energy transition, with a focus on energy efficiency and renewable heat.elable.

Press contacts

Kyotherm : Luca VIEREN – luca.vieren@kyotherm – 06 10 04 30 79

Andera Partners :

Bpifrance : Juliette FONTANILLAS – – 01 42 47 97 61