PARIS, FRANCE: Arverne Group and Transition, two companies with expertise in the energy transition, have signed a combination agreement to create a new company that will be the French leader in geothermal and low-carbon lithium production.

The combined company will have a unique portfolio of assets and technologies, including:

• A portfolio of geothermal projects in France with the potential to generate up to 4.8 TWh of power per year
• A lithium extraction technology that can produce low-carbon lithium from geothermal waters

The combined company plans to use its assets and technologies to accelerate the energy transition in France and Europe. By 2027, the company plans to generate revenues of €200 million to €350 million and by 2030, it plans to generate revenues of €800 million to €1.15 billion.

The combination agreement is subject to customary closing conditions, including regulatory approvals. The companies expect to complete the transaction in the second half of 2023.

About Arverne Group

Arverne Group is an industrial group with a wide array of expertise in the energy transition, specializing in harnessing subsurface resources. The company has a portfolio of geothermal projects in France and is developing a lithium extraction technology.

About Transition

Transition is a company that invests in and develops companies that are helping to accelerate the energy transition. The company has invested in a number of companies in the geothermal, lithium, and other renewable energy sectors.

Commentary

“This combination is a major step forward for Arverne Group and Transition,” said Pierre Brossollet, Chairman and CEO of Arverne Group. “Together, we will be able to accelerate the energy transition in France and Europe by developing and deploying our unique portfolio of assets and technologies.”

“We are excited to partner with Arverne Group to create a leading French company in the geothermal and low-carbon lithium sectors,” said Xavier Caïtucoli, Erik Maris, and Fabrice Dumonteil, Chairman of Eiffel Investment Group, the management company of the Eiffel Essentiel SLP fund, the founders of Transition. “This combination will allow us to accelerate the development of our companies’ projects and technologies and to make a significant contribution to the energy transition.”

Offshore wind giants Cadeler and Eneti merge to create largest installation company