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02/11/2017 09:05

boostHEAT raises EUR 19 million since June 2016 to complete funding of industrial scale-up

November 2, 2017 - Vénissieux. boostHEAT continues development work to bring its new generation boiler to market.

Since its foundation in 2011 boostHEAT has raised €30 million in funds including €11.1 million of equity. To fund the capital expenditure required for the industrial scale-up of its new generation boiler, boostHEAT has raised a further €19 million over the last 15 months, consisting of:

  • €6.3 million of capital raised:

Accordingly, on October 17, 2017 boostHEAT announced the acquisition of an equity interest by Holdigaz, a major player in French-speaking Switzerland's natural gas and biogas market and the second gas supplier after Fluxys to acquire a stake in boostHEAT.

  • €7.2 million of loans and repayable advances:

These include a €3.4 million “future industrial project” loan from Bpifrance, a €400,000 loan from Total Développement Régional and commercial bank funding for the assembly lines.

  • €5.5 of grants and partnership funding:

Including a revival agreement with Bosch and a reindustrialization grant awarded by the Auvergne-Rhône-Alpes region.

In 2018, the compressor and new generation boiler assembly lines designed by FSA Doerfer engineering firm will be installed in the manufacturing plant located in an industrial zone in Vénissieux (Lyon, France). boostHEAT plans to hire 15 more employees to shore up the existing 15-strong manufacturing team by the end of the year (including 10 former Bosch employees under the Vénissieux complex revival agreement).

boostHEAT aims to acquire the French Fab label created last October by Bpifrance to promote French industry.

Chief Industrial Officer Jean-Luc Margand said: “This exciting project is being steered by a team of professionals seeking to strike a balance between its culture, based on the standards of the automotive industry, and the flexibility and capacity for adaption required to start up a new industrial operation. The manufacturing line is designed to adapt to changes in process, meaning that the required investments can be made as and when required. State-of-the-art quality standards have been applied, such as traceability by QR code and RFID chips and the use of robots to ensure good ergonomics and productivity.” 

Co-founders Jean-Marc Joffroy and Luc Jacquet added: “Now that we have finished funding industrial scale-up, we can focus on our marketing objectives aimed at selling the first boilers to retail customers in France, Belgium, Switzerland and Germany from the second half of 2018”.

A propos de boostHEAT

Acteur industriel français de l'efficacité énergétique, boostHEAT conçoit, développe et industrialise la nouvelle génération de chaudières pour la production de chauffage, d'eau chaude sanitaire et de climatisation à destination du logement individuel, collectif et tertiaire.

Basée sur une technologie brevetée de compression thermique, la gamme d'équipements développée par boostHEAT permet d'apporter au gaz naturel un rendement thermique allant jusqu'à 200%, réduisant ainsi par 2 la facture énergétique.

boostHEAT agit en entreprise responsable : ses chaudières thermodynamiques intègrent l'utilisation d'énergie renouvelable réduisant ainsi la production de gaz à effet de serre de moitié.

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