Belgium's Ecostal Group on Friday announced a €100 million fundraising deal aimed at bolstering its global presence by diversifying its product and service offerings.
“This operation ensures that Ecostal maintains a steady shareholder base, keeping control of one of Europe’s leaders in energy transition in Belgium, while continuing its expansion on international markets,” Wallonie Entreprendre (WE), Wallonia’s financial arm, said in a statement.
Half of the funding was raised via a capital increase subscribed by a consortium including WE, Noshaq, Transenergie and the company’s management. Loans from Belgian banks, Wallonie Entreprendre International and the Ecostal management accounted for the remaining half.
The Ecostal Group focuses on business-to-business distribution of photovoltaic solutions, as well as the design, manufacture and installation of photovoltaic structures.
The financial injection aims to stimulate its organic growth and support its recent acquisitions. In this regard, Ecostal has confirmed the purchase of Solexis, a provider of equipment and solutions for photovoltaic installations in Switzerland.
Founded in 2008, Ecostal operates in Belgium, France and Spain, employing around 60 people dedicated to the energy transition.
