French geothermal developer and solutions provider Arverne Group (Arverne) has announced the successful completion of its EUR 70 million issuance of Bonds Redeemable in New or Existing Shares (d’Obligations Remboursables en Actions Nouvelles ou Existantes / ORANE). The funds raised will go towards the execution of Arverne’s Dual Flow strategic plan, which charts a roadmap for its geothermal and lithium production operations until 2033.
The transaction was fully subscribed by GEOGREEN, Bpifrance, ADEME Investissement, Crédit Mutuel Equity and Eiffel Investment Group. The ORANEs will bear interest from the subscription date at an annual rate of 7%, fully capitalized. Repayment of the ORANEs may be made either in cash, in newly issued shares of the Company, or through the delivery of existing shares of Lithium de France and 2gré, subsidiaries of Arverne.
The Dual Flow roadmap
The proceeds will enable Arverne to accelerate the execution of its Dual Flow strategic plan. The plan envisions the production of 4 TWh per year of deep geothermal energy and 27,000 metric tons of lithium carbonate annually by 2033. Important milestones included in the plan include the first sales of heating and cooling by 2027, and the first production and sales of geothermal lithium by 2028.
For 2026, Arverne has set out targets for the first year of implementation of the Dual Flow plan. This includes the funding round through bond issuance, as reported here. The other targets for this year include:
- Securing long-term contracts worth EUR 400 million
- Completion of drilling of the first doublet in the Lithium de France project (the first well has already been completed)
- Commissioning of the Direct Lithium Extraction (DLE) demonstration plant (construction was launched in 2025)
Aside from developing a pipeline of geothermal heating, cooling, and lithium extraction projects, Arverne also offers drilling services to the French geothermal sector through Arverne Drilling Services and DrillHeat.
“The success of this issuance confirms the strength of our growth trajectory and our ability to scale up. Backed by a portfolio of nearly 100 deep geothermal projects and the significant progress achieved by Lithium de France, we are accelerating our industrial and commercial development to build the French leader in geothermal solutions, creating sustainable value through strategic assets and long-term contracts,” said Pierre Brossollet, Founder and CEO of Arverne.
