B2 Transmission, a consulting firm in transmission and corporate financing, is proud to have supported Enfoil, an innovative Belgian technology startup specialized in flexible solar panels, as part of a strategic fundraising.
This operation, carried out with the Japanese industrialist Toyo Seikan, illustrates B2 Transmission’s ability to structure complex financing with an international dimension and to negotiate with leading industrial players.
Enfoil: a solar startup with high potential
Specialized in flexible and innovative solar films, Enfoil revolutionizes the exploitation of solar energy thanks to a unique technology, adaptable on curved or atypical surfaces.
Its applications cover strategic sectors:
- Transport: solar integration for sustainable mobility
- Building: BIPV and smart architectural integration
- Agriculture: connected solar greenhouses for greener production
Lightweight, resistant and high-performance, Enfoil solar films make it possible to harness solar energy where conventional rigid panels have reached their limit. Thanks to its technological agility, Enfoil is now positioned as a key player in the energy transition in Europe and internationally.
A 360° accompaniment signed B2 Transmission
In this operation, B2 Transmission played a key role, ensuring comprehensive support on all stages of a complex fundraising.
1. Financial and strategic Structuring
- Development of a complete and optimized Financial plan (adapted to the standards of professional investors).
- Calculation of cost prices for different products.
- Drafting of an investment Memorandum in English for potential international investors.
2. Complex negotiations and legal management
- Negotiation of license agreements on IMEC, UHasselt and TNO patents.
- Management of three successive shareholders’ agreements (founders, Toyo, IMEC, UHasselt, TNO, buyers).
- Partial redemption and sale of the founders’ shares during the operation.
- Organization of the closing (contribution of funds, meetings, publications).
3. Search for investors and international road show
- Rigorous selection of Venture Capital funds specialized in the green economy (Belgium, France, Netherlands, Germany).
- Presentation of the project during an international road show.
- Negotiation in English with a Belgian law firm and a Japanese law firm to finalize the investment agreements.
A selection of investors aligned with the vision of Enfoil
To identify the most suitable financial partners, B2 Transmission targeted Venture Capital funds specialized in the green economy and approached certain industrial players interested in new generation photovoltaic technologies. From the first discussions, all the interlocutors quickly understood the strategic place that Enfoil could occupy in the future development of Toyo Seikan. This shared understanding of the issues facilitated exchanges and highlighted obvious synergies between the two companies, thus strengthening the relevance of the partnership.
A key factor for success: mastering international negotiations
The success of this fundraising is based on B2 Transmission’s ability to manage complex negotiations in an international environment. The team was able to conduct discussions in English, without resorting to lawyers on their side, against a Japanese law firm and a Belgian law firm. This linguistic ease was accompanied by a detailed understanding of the internal political issues specific to the Japanese representatives of Toyo Seikan, which made it possible to anticipate decision-making constraints. Finally, B2 Transmission was able to manage with diplomacy the cultural differences between the Japanese, Dutch and Belgian interlocutors, a decisive factor in the conclusion of the operation.
Why was Toyo Seikan the ideal partner for Enfoil?
The choice of Toyo Seikan was obvious for Enfoil, as the industrial and strategic synergies were strong between the two companies. The Japanese group is indeed developing specific materials that will be used in the manufacture of Enfoil’s flexible solar panels, thus enhancing the technological performance of the products. In addition, Toyo Seikan gives the Belgian startup direct access to the Japanese market, a major asset for accelerating its business development in Asia and establishing its international credibility.
A collaboration based on trust and commitment
This partnership perfectly reflects the mission of B2 Transmission: to support innovative companies in their key phases of development, by providing them with expertise, network and Structuring to secure funding that meets their ambitions.
We warmly thank the Enfoil team for their trust throughout this process. It is a source of pride to have contributed to this new entrepreneurial adventure.