Enex Technologies secures EUR 35.5 million ESG-linked refinancing

Enex Technologies has signed a EUR 35.5 million [approximately USD 41 million] ESG-linked refinancing facility with Banco BPM, Cassa Depositi e Prestiti, Deutsche Bank and Banca Sella. The financing supports the European cooling technology group’s three-year investment plan for natural refrigerant systems, data center production capacity and international growth.

Banco BPM acted as bookrunner, mandated lead arranger, underwriter, original lender and agent bank. The agreement introduces a margin-adjustment mechanism linked to defined and measurable ESG targets, marking the first use of such a structure in Enex Technologies’ financing framework.

The investment plan covers the expansion of production capacity for natural refrigerant technology lines and the acceleration of the group’s technology development roadmap. It also supports organic growth in European markets and a stronger presence in the data center cooling segment.

Enex Technologies develops cooling systems for industrial, commercial and data center applications using CO2, ammonia, propane and water. The new facility follows a EUR 25 million [approximately USD 29 million] equity and financial strengthening transaction completed in October by controlling shareholder CCC Holdings Europe with investors promoted by Banor SIM.

“This agreement is a strategic milestone for Enex Technologies. The new refinancing gives us greater financial strength and visibility to execute on our three-year investment plan, and to accelerate the development of our natural refrigerant technologies in European and international markets,” said François Audo, Chief Executive Officer of Enex Technologies. “The ESG-linked component is not a decorative feature: it is the financial translation of an industrial commitment we have been building since 2023. Environmental transition is a core part of our growth model.”