• The funding brings together existing investors and Groupe Eren as a new strategic investor.
• Water Horizon develops waste heat recovery solutions to provide more sustainable cooling for industry and commercial buildings.
December 1, 2025 – Vivien & Associés advised Banque des Territoires on Water Horizon’s €18 million Series A funding round.
This new round brings together Water Horizon’s historical investors — Banque des Territoires, on behalf of the French State, as part of the France 2030 Innovation Territories Programme, and Delmas Investissement et Participation — alongside a strategic new investor, Groupe Eren.
This transaction is a key milestone in the development of Water Horizon, which aims to deploy its waste heat recovery solutions on a large scale for the energy transition of regions and industries.
Water Horizon offers a “Cooling As A Service” (CAAS) solution, providing on-demand cooling for the industrial and tertiary sectors by using local waste heat.
To date, most cooling is produced using traditional systems, which consume large amounts of electricity and use refrigerants with high global warming potential. Water Horizon’s solutions offer an economic and durable alternative to traditional energy sources.
As part of this transaction, Vivien & Associés assisted Banque des Territoires on all corporate aspects of the deal.
The team included Alexandra Arnould (Partner, Corporate/M&A) and Pierre Bondu (Associate, Corporate/M&A).
Congratulations to the entire Water Horizon team on this key milestone, and many thanks to our clients for their trust.
