Exoès partners with Bpifrance and Meridiam in a €35m deal to shape the future of electric mobility

Exoès, under the leadership of its co-founders Arnaud Desrentes and Rémi Daccord, has developed a unique know-how on thermal management systems for next generation electric vehicles. Meridiam Green Impact Growth Fund (GIGF) and Bpifrance Fonds Avenir Automobile 2 (FAA2) partner with Exoès through a €35m deal, to accelerate its growth.

Based in Gradignan (Bordeaux), Exoès provides advanced engineering services to the car manufacturing industry and fluid manufacturers for next generation EV platforms.  Since 2019, the company is also developing its own high-performance battery packs through its dedicated subsidiary, relying especially on immersion cooling technology. Exoès is recognized worldwide for its deep expertise in immersion cooling.

Led by a duo of entrepreneurs with solid experience in the automotive and energy efficiency space, Exoès has built over the past 15 years highly recognized technical skills spanning across thermal, mechanical, fluid, electronic and electrical engineering. Thanks to its unique “one-stop-shop” positioning, from design and simulation to prototyping, testing and vehicle integration, Exoès is able to deliver complex projects within just a few months. The company now serves over 25 blue-chip clients across the EU, the UK and the USA.

Meridiam and Bpifrance will support Exoès in capturing further market opportunities and developing its exceptional team of engineering experts. Exoès will develop its international footprint, continue its dynamic markets and products expansion to new verticals, as well as accelerate its battery manufacturing capacity.

Thermal management has a strategic role to play in the electrification of mobility: EV’s critical components, notably the battery pack, generate high amounts of heat that compromise the system’s safety, performance, range, lifespan and charging time. Together with cost, these constitute the main pain points to the widespread adoption of electric vehicles.

Innovative thermal solutions allow for significant improvements in performance without increasing the system size and cost. Exoes is one of the worldwide specialists of immersion cooling[1]  technology that leads to 3-4x faster charging than standard technologies, up to 25% longer autonomy, less risk of fire propagation, up to 30% longer lifespan… And all in all, up to 25% lower carbon footprint than traditional air-cooled systems. In many demanding applications, Exoes’ technology allows the battery pack to be up to 30% smaller and therefore cheaper.

Arnaud Desrentes, CEO of Exoès, “Faced with the crucial issues of cost, autonomy, recharging time and safety of electric vehicles, Exoès’ innovations provide concrete answers. The global potential is immense. The demand for specialized skills in prototyping, test infrastructures and agile production capabilities is more pressing than ever. I am therefore very pleased to be backed by robust partners as Meridiam and Bpifrance enabling us to stay independent experts while accelerating the emergence of Exoes’ technologies.”

Eric Rey, Head of Meridiam GIGF, “We are proud to partner with Arnaud and Rémi to support Exoès in its ambitious development plan. Exoès clearly has the potential to become a French and European industrial champion of the ecological transition, shaping the future of electric mobility. Following a €200m investment in Verkor’s gigafactory in 2023, this investment marks another step in Meridiam’s endeavour to support the emergence of a strong European battery and EV value chain”

Vincent Roque, Investment Director in Bpifrance: “We are very pleased to support Arnaud and Remi to contribute to the future growth of Exoes. Thanks to its innovative solution, Exoes is well positioned to participate in the revolution of tomorrow’s thermal management system for battery. This investment is perfectly in line with the thesis of the Fonds Avenir Automobile 2: to support the growth and innovation of tomorrow’s mobility leaders”.

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[1] Consisting in full submersion of battery packs in dielectric cooling fluids