In a further sign of an improvement to financing conditions within the geothermal sector, Arverne Group has announced plans for a €33mn fundraiser via a bond issue.
The French geothermal company, listed on Euronext Paris, said in a statement that the issue would be open to existing shareholders including Bpifrance, Eiffel Essentiel, Ademe Investissement and Crédit Mutuel Equity.
The bond issue is significant in that it highlights growing investor confidence and interest across the broader geothermal sector.
Financing remains one of the biggest barriers to large-scale deployment, both within Europe and internationally.
The fund-raising issue also marks the first step of Arverne Group’s new ‘Dual Flow’ industrial and commercial roadmap through to 2033 in which it aims to accelerate business growth.
Its aggressive roadmap include first production and sales of heating and cooling in 2027 and first production and sales of geothermal lithium in 2028.
Looking ahead to 2031-2033, it aims to see around 4 TWh/year generated annually in France from deep geothermal energy, together with 27,000 metric tons of lithium carbonate annually — enough to power 800,000 electric vehicles using Arverne geothermal lithium.
Much of that will hinge on the company’s 2026 agenda, the first year of implementation of the Dual Flow plan.
This includes: a target of securing long-term contracts worth €400mn; drilling to be completed for the first doublet in the Lithium de France project and commissioning of the Direct Lithium Extraction (DLE) demonstration plant; continuing to reduce environmental impact as an innovative and responsible operator; and funding the group's industrial and commercial expansion.
In essence, the group aims to strengthen geothermal energy’s role in France’s energy mix and secure Europe’s supply of geothermal lithium, according to Pierre Brossollet, Arverne’s Founder and CEO.
“With a portfolio of nearly one hundred projects in France and major advances in the Lithium de France project, Arverne expects a significant acceleration from 2026 onward, with the signing of €400mn in long‑term contracts,” he said.
Brossollet also outlined his belief in the financial viability of the company and industry.
“The business models we are developing, with EBITDA margins above 50% and multi‑decade contracts, will generate secured revenues and recurring cash flows,” he added.
“Arverne Group is now at the dawn of a major value‑creation cycle.”