The company wants to generate 1 billion euros in revenue within the next five years.
Ecostal Group, a leading distributor of photovoltaic (PV) solutions, has successfully raised 100 million euros in a recent funding round aimed at supporting its ambitious European expansion plans.
The company, which plays a significant role in the energy transition by providing B2B distribution of PV solutions, will use the funds to strengthen its market position and fuel further growth.
The funding round was divided into two phases. The first phase involved a capital increase, with significant investments from a consortium that includes Wallonie Entreprendre (WE), Noshaq, TRANSENERGIE, and Ecostal's management team, reflecting strong investor confidence in the company’s European growth ambitions. The second phase consisted of loans from Belgian banks, WE International, and the management team.
The newly acquired capital will be used to drive organic growth and support several recent acquisitions, including Project Zero in Belgium, Yomatec in France, and Solexis in Switzerland. These strategic acquisitions have already doubled Ecostal’s revenue to 300 million euros this year, positioning the company among the top ten PV material distributors in Europe.
CEO Christophe Piron has set a bold target of achieving 1 billion euros in revenue within the next five years, leveraging the company’s expanded resources and strategic acquisitions. “This sector is undergoing rapid consolidation, and now is the time for Ecostal to reach a critical threshold that allows us to negotiate strong acquisitions”, said Olivier Bouchat, director of Wallonie Entreprendre.
Founded in 2008, Ecostal Group is also investing in developing its logistics platform and expanding its product offerings, including engineering solutions through its subsidiary, Siguesol. Additionally, the company is exploring sustainable recycling solutions for solar panels, aiming to accelerate the replacement of old panels with more efficient ones.
With the new funding, Ecostal Group is well-positioned to enhance its distribution network and engineering capabilities across Europe, paving the way to become a leader in the photovoltaic sector.
