Target Information

On September 11, 2025, Eoden, a family-owned entrepreneurship and investment group, announced its acquisition of a stake in Reno Energy, a leading player in comprehensive energy renovation in Belgium. This investment is made alongside historical shareholders, including Ardent Invest, a Liège-based family office, and Henri Thonnart, CEO of Reno Energy.

Founded in 2009 in Liège, Reno Energy employs approximately 200 staff across six agencies in Belgium, France, and Luxembourg. The company offers an integrated service portfolio focusing on four key areas: photovoltaics, energy storage, smart management, and multi-technical renovation.

Industry Overview in Belgium

The Belgian energy sector is characterized by stringent energy management requirements, reflecting the country's commitment to sustainable energy solutions. In recent years, there has been a significant push toward renewable energy sources, with both local and federal governments providing incentives for energy efficiency projects.

As the shift towards sustainable energy accelerates, companies like Reno Energy are positioned to play an essential role in facilitating this transformation. The demand for energy renovation services is growing among residential, commercial, and public sector clients, driven by rising energy costs and regulatory pressures aimed at reducing carbon footprints.

Belgium's energy market continues to evolve, with an increasing focus on integrated energy solutions that encompass a range of services including installation, maintenance, and intelligent management of energy systems. This shift creates opportunities for innovative SME players who can offer customized and efficient energy solutions.

Moreover, the trend towards consolidation within the industry suggests an upcoming wave of acquisitions as firms seek to strengthen their market positions and broaden their service offerings. This environment supports Reno Energy's strategy to leverage acquisitions to enhance its capabilities and reach in Belgium and France.

Rationale Behind the Deal

The capital raised through this investment will enable Reno Energy to advance its strategic transformation initiated in 2024, enhancing its role as a facilitator of energy projects for individuals, businesses, and communities. The development plan focuses primarily on acquiring complementary businesses in Belgium and France, further solidifying Reno Energy’s market presence.

By partnering with an innovative and ambitious company like Reno Energy, Eoden aims to foster the emergence of a regional leader in the energy transition, thus aligning with its goals of investing in environmentally sustainable enterprises.

Investor Information

Eoden Ressources, the investment branch of Eoden, specializes in supporting companies that work towards natural resource conservation and climate change adaptation. This investment, part of a €10 million capital increase—with €6 million contributed by Eoden—marks Eoden’s first cross-border engagement.

Eoden’s strategy confirms its commitment to integrating a high-growth partner in the market for sustainable and efficient energy solutions, leveraging Reno Energy’s historical expertise and technical know-how in the Belgian energy sector.

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This investment in Reno Energy appears to be a sound strategic move for Eoden, given the current trends in Belgium's energy market. By aligning with a company poised for growth in the energy renovation sector, Eoden is effectively positioning itself to capitalize on the rising demand for sustainable energy solutions.

Furthermore, the focus on acquisitions to expand Reno Energy's market footprint will likely enhance its competitive edge, creating a stronger player in the transition to renewable energy. This could lead to not only financial gains but also a positive environmental impact.

Overall, Eoden’s partnership with Reno Energy is anticipated to yield fruitful results, both in terms of business success and in contributing to the broader goals of energy sustainability in Europe. Given the strategic importance and growth potential in this field, this deal is likely to be considered a good investment.

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