BCTG Avocats advises EREN Group on its acquisition of a stake in Water Horizon as part of an €18 million fundraising round.

Paris, 27 November 2025. BCTG Avocats advised the EREN Group, a major international player in the energy transition, on its acquisition of a stake in Water Horizon, an innovative company specialising in the energy recovery of waste heat.

This transaction is part of a €18 million global fundraising round, which also brings together the company’s existing shareholders: Banque des Territoires, on behalf of the French State as part of the Territoires d’Innovation de France 2030 programme, and Delmas Investissement et Participation (DIP).

This transaction will enable Water Horizon to accelerate its development in France and internationally, in order to roll out its ‘Cooling as a Service’ (CAAS) solutions on a large scale, designed to reduce energy costs and the carbon footprint of the industrial and tertiary sectors.

The EREN Group, recognised for its expertise in renewable energies, energy storage and management, provides Water Horizon with crucial support to strengthen its international ambitions.

This deal illustrates BCTG’s involvement in the development projects of innovative companies.

The transaction involved, Cyprien Dufournier, partner, and Pierre de Kerpoisson, associate, on corporate aspects, as well as Catherine Dupuy Burin des Roziers, partner, and Thibaut Magerman, associate, on project aspects.

Other advisors:

for the company: Chammas et Marcheteau, Denis Marcheteau, partner, and Romain Penloup, counsel
for Banque des Territoires: Vivien et associés, Alexandra Arnoult, partner, and Pierre Bondu, associate
for DIP: Rostand et Associés, Bruno Poulain, partner
for EREN (tax matters): Omni Avocats, Arthur Leclerc, partner