Eranovum France | CrowdPickr

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-27 obtained on 10/11/2023, currently valid
Maximum score

A2 · Track Record 3.0/6

Default 7.05% → 3pts (threshold 3-7%)
Delay >6 months 17.91% → 3pts (threshold 15-30%)
Net yield 5.14% vs announced 7-10%: shortfall 1.86pp below lower bound → 3pts
A2 = (3×0.5)+(3×0.3)+(3×0.2) = 3.0/6

A3 · Rigueur de sélection 3.0/4bon

Published selection rate at ~5% (<20%), precise figure provided (fewer than 200 of 3500 applications)
Process description partial, without committee detail or documented borrower KYC

A4 · Santé financière 3.0/4bon

Independent platform operating in France, Belgium and Italy, active since ~2014 (>5 years)
No platform distress signal identified
No known institutional shareholder

A5 · Protection investisseurs 2.0/3

agrément AMF licence → 1pt reflection period 4 days + continuity plan (mandatory)
Segregated accounts presumed compliant with ECSP regulation → 1pt
No secondary market mentioned → 0pt

Projet · 34.0/75 (39.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple non-convertible bonds, clear French law

B1.2: 2/3 - Issuer dedicated société dédiée (SPV) Eranovum France SAS, French law

B1.3: 1/2 - Simple bond, no formally documented senior debt, de facto first ranking but not registered

B2 · Opérateur & Track record 8.0/15

B2.1: 3/4 - José Luis Aguirre appointed with function, LinkedIn identifiable but photo not confirmed

B2.2: 4/5 - Group 565 MWp developed since 2019, +300 stations operational in Spain

B2.3: 0/3 - First operation on LITA, no platform history

B2.4: 1/3 - Company created in 2024, capital 1000€, very young balance sheet, gearing not assessable

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 4/9 - Notarised personal guarantee not documented; only mention is senior financing of 5M€ without documented crowd security. No mortgage, pledge or holding joint and several guarantee identified in the file

B3.2: 0/4 - Holding guarantor not financially evaluated

B3.3: 1/2 - Senior financing 5M€ secured mentioned without named bank

B4 · Structure financière 8.0/15

B4.1: 3/5 - Crowd 3M€ / total requirement 12M€ = 25% Loan-to-Cost (ratio prêt/coût total); junior taux de couverture de la dette 1.6 in degraded scenario → IRR not specified, PPA absent but model viable

B4.2: 2/4 - Group contribution via 9M€ other financing but issuer equity near zero

B4.3: 2/4 - Degraded scenario -5% traffic taux de couverture de la dette 1.6 documented; stress test limited to -5%

B4.4: 1/2 - Ramp-up model planned, margin not specified, taux de couverture de la dette >1.2 post-financing according to projections

B5 · Pré-commercialisation 6.0/10

10 stations operational, 70 under construction, site contracts supermarkets and shopping centres signed
Futuroscope traffic x2.3
No PPA signed, no network connection confirmed for remaining 63 stations

B6 · Permis & Maturité 3.0/5

Activity established in group since 2019, +300 stations operational in Spain
French subsidiary created 2024, 10 stations operational confirmed
Deployment ongoing but all permits not exhausted for 63 stations under construction

B7 · Marché & Localisation 2.0/3

French IRVE market in strong growth (+48% EV in 4 months 2026), favourable LOM regulation, rising trend confirmed
Risks negative electricity prices peak hours solar and network constraints noted

Points forts

✓Eranovum Group active since 2019, 565 MWp developed and +300 stations operational in Spain.

✓Senior financing of 5M€ already secured, crowd coverage limited to 25% of total requirement.

✓French IRVE market in strong growth, LOM regulation highly favourable.

✓10 stations already operational in France, proof of concept validated.

✓Strategic partnership Octopus Energy and integrated production-recharging model.

Risques identifiés

!No real security in favour of crowd bondholders identified in the file.

!Issuer Eranovum France SAS created in 2024, share capital 1000€, balance sheet not representative.

!Rate of return not specified in documents provided - return served absent.

!Deployment of 73 stations in one year deemed ambitious; risks of connection delays and permits.

!Negative electricity prices during spring 2026 solar production peaks - potential revenue impact.