Techniwood raises €11m from Electranova et al.

The stake to be held by Electranova and Ecotechnologies in Techniwood was not disclosed, but an unquote" source confirmed both green funds secured a minority interest, while control will remain in the hands of the founders.

Set up by BPI France in June 2012, Ecotechnologies is a €150m cleantech-focused FPCI vehicle. Over the past few months, the fund has financed BPI France's contributions during a $25m investment in machine-to-machine specialist Actility and €8.4m round for car-sharing technology firm Vulog.

Electranova Capital is a €90m green fund managed by French GP Idinvest Partners and energy multinational EDF. The fund has been a shareholder in Techniwood since a first investment in 2014 and manages stakes in nine other companies.

Techniwood will now look to scale up its industrial capacities in France and accelerate its deployment abroad. The business expects renewed appetite for its eco-construction products following a pledge by the French state to invest €4bn in the energy and environmental transition by 2018.

Company
Founded in 2010, Techniwood manufactures insulating wooden boards and planks used for construction purposes, with a focus on the cross-laminated timber segment.

Employing a workforce of around 100, the company operates 35,000m² production facilities by its Rumilly headquarters and an additional 10,000m² site in Nomexy, Lorraine. The business expects to break the €11-12m revenue mark by the end of 2015.

People
Electranova's work on the deal was led by venture partner Philippe Ringenbach, partner Nicolas Chaudron and associate Maureen Le Baud. BPI France was represented by investment director Laure Michel and investment manager Edouard Combette. François Pelissier is currently CEO at Techniwood.

Advisers
Equity – Gide Loyrette Nouel, Karen Noel, Paul Jourdan-Nayrac (Legal); Grant Thornton, Thierry Dartus, Laurent Prost, Alexis Martin (Financial due diligence).
Company – Chammas & Marcheteau, Roxane Bouillon (Legal).

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• Topics
• Expansion
• France
• Industrials
• France
• BPI France
• IDInvest Partners (AGF Private Equity)
• Venture