News on MaPrimeRénov’
The MaPrimeRénov’ service desk reopened at the end of February 2026. Approximately 90,000 MPR Ampleur files are currently in stock at the ANAH and must be validated before the start of the work. The reopening of the service desk will allow the processing of these files to resume, which will significantly boost construction projects in the Ampleur segment, with a mechanical need for pre-financing.
In parallel, on Monogeste, installers are very actively resuming prospecting now that the service desk is reopened. ECAIR is in the process of onboarding many new customers for this offer.
ECAIR therefore expects an acceleration in turnover in the coming months.
Financez des travaux de rénovation énergétique
ECAIR is an innovative company specialising in financing energy-efficiency renovation works.
ECAIR is seeking to raise €1,000,000 to continue funding the rapid growth of its business.
These funds will be used to finance ECAIR’s partner construction companies under the MaPrimeRénov’ scheme, with payments made by the National Housing Agency.
This new tranche will benefit from a security trust established to monitor the use of funds, secure the claims and protect investors .
You can watch our Total Energies Invest X ECAIR webinar to find out more about ECAIR and the security trust mechanism used to safeguard your investment.
ECAIR has already been the subject of several fundraising campaigns on Total Energies Invest: Ecair in 2024, Ecair T2 in 2025, Ecair Croissance in 2025 and Ecair Consolidation in 2026
The offer
Funds energy efficiency renovation works
ECAIR is an innovative company specialising in financing energy-efficiency renovation works.
ECAIR is seeking to raise €1,000,000 to continue funding the rapid growth of its business.
These funds will be used to finance ECAIR’s partner construction companies under the MaPrimeRénov’ scheme, with payments made by the National Housing Agency.
This new tranche will benefit from a security trust established to monitor the use of funds, secure the claims and protect investors .
You can watch our Total Energies Invest X ECAIR webinar to find out more about ECAIR and the security trust mechanism used to safeguard your investment.
ECAIR has already been the subject of several fundraising campaigns on Total Energies Invest: Ecair in 2024, Ecair T2 in 2025, Ecair Croissance in 2025 and Ecair Consolidation in 2026
Specifications
Investment phases
- Investment open to everyone
End of project financing
The closing date for contributions may be extended at the request of the project owner.
The return on your investment will be calculated from the date the subscription certificates are generated, i.e. once all the funds have been received and the legal documentation has been signed by the project owner.
Resources
Simulator
Investment simulation
Ecair Extension -
Obligation
9%/year over 2.5 years
Simulation - Rate : 9% / year on 2.5 ans
Initial investment:
€1,000
Repayments and interest:
€1,225
In 5 transfers
| Date | Interest* | Capital | Amount |
| 18/01/2027 | €45 | €0 | €45 |
| 18/07/2027 | €45 | €0 | €45 |
| 18/01/2028 | €45 | €0 | €45 |
| 18/07/2028 | €45 | €0 | €45 |
| 18/01/2029 | €45 | €1,000 | €1,045 |
| Total | €225 | €1,000 | €1,225 |
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*Gross interest before tax, including all fees ( view taxation ) The result presented is not a forecast of the future performance of your investments. It is only intended to illustrate the mechanics of your investment over the investment period. The evolution of the value of your investment may vary from what is shown, either increasing or decreasing. |
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The project
Project background
ECAIR operates in the energy-efficient renovation sector, a key pillar of the green transition in France.
The ANAH’s MaPrimeRénov’ scheme enables homeowners to finance up to 90% of their energy-efficiency renovation work. However, construction companies carrying out this work often face a delay between the completion of projects and the payment of grants (3–4 months), which creates a temporary cash flow requirement.
To meet this need, ECAIR offers to bring forward grant payments to construction companies once the work has been completed and certified by an approved MaPrimeRénov’ advisor. This enables companies to ensure the continuity of their business and to increase the number of projects they can undertake.
Business model
ECAIR works with a growing network of partner companies carrying out energy-efficiency renovation work under the MaPrimeRénov scheme.
Once the work has been completed, ECAIR calls upon a network of ‘Renov’ Advisors’ (‘MAR’), who are certified energy auditors, to assess and certify the eligibility of the work carried out under the MaPrimeRénov’ scheme.
Once the work has been certified and the reimbursement claim has been submitted to ANAH, ECAIR advances the grant amount to its partner companies, retaining a commission as its fee.
Throughout this process, ECAIR is appointed by the beneficiary of the works as the administrative and financial agent, enabling it to manage 100% of communications with the various private and public stakeholders.
Here are the steps involved in financing a project from the perspective of the partner construction company:
! illustration Ecair Consolidation
Growth
ECAIR has already successfully funded 773 renovation projects since the launch of its scheme in June 2024, representing a total of €25,100,000 in MaPrimeRénov’ grants. For its part, ANAH has paid €17,100,000 into the trust fund, representing 497 approved applications.
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Project owners
Fundado en 2023 por Victor Jolly y Maxime Bensadoun, MRA Groupe (nombre comercial: ECAIR) es una empresa innovadora activa en el financiamiento de la renovación energética . Los dos cofundadores, exdirectivos de la fintech Lydia , aportan su experiencia en gestión financiera y en innovación digital para estructurar esta nueva oferta de financiamiento dedicada a las empresas de construcción. Su visión es acelerar la transición energética al facilitar el proceso de financiamiento de las obras .
ECAIR ya ha recaudado 4,000,000 euros de inversores franceses e internacionales en 2023, lo que demuestra el atractivo de su modelo económico y la solidez de sus perspectivas. Actualmente, la empresa cuenta con 24 colaboradores a tiempo completo, dedicados a acompañar a las empresas de construcción y a la gestión de créditos con la ANAH .
ECAIR opera tanto en el mercado de particulares ( B2C ) como de empresas ( B2B ). En el marco de su actividad B2C, ECAIR propone proyectos de renovación energética directamente a particulares a través de empresas socias. Pero es en su oferta B2B donde la sociedad concentra sus esfuerzos, al aportar soluciones de financiamiento a las empresas de construcción que realizan obras elegibles para las ayudas MaPrimeRénov’ .
A través de esta ronda de financiamiento, ECAIR busca acelerar el desarrollo de su actividad de financiamiento. Su objetivo es convertirse en un actor clave del financiamiento de la renovación energética en Francia, consolidando su modelo económico en torno a alianzas sólidas con empresas del sector de la construcción. Con un mercado en plena expansión y unas necesidades de liquidez crecientes para las empresas del sector, ECAIR quiere desempeñar un papel estratégico en el éxito de la transición energética.
Our analysis
Risk overview
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
There is uncertainty regarding the timeline for securing bank financing to enable refinancing, particularly in the event of an insufficient track record and/or poor management of the company. This risk is mitigated by (i) the healthy cash flow levels projected in the business plan and (ii) the security arrangements put in place at the trust company level. In particular, the amount of receivables held as assets of the trust for the benefit of investors must at all times exceed the outstanding amount of the bonds and may be collected from ANAH within 2 to 4 months, thereby securing repayment.
Regulatory risks
Risk of changes in regulations applicable to the sector, involving reductions in subsidies or new taxes with a significant impact on project revenues.
Mitigation methods
MPR Ampleur is partly funded through the Energy Saving Certificates (CEE) scheme, which enables it to be financed independently of the state budget. The MaPrimeRénov’ Ampleur scheme saw a sharp acceleration in 2025, following a slow start marked by delays in processing applications. The programme’s rapid ramp-up led the ANAH to implement a temporary suspension of applications in the summer of 2025, due to a significant influx of requests. Installers, who had slowed down the implementation of projects whilst awaiting approvals, now have a substantial backlog of projects and are actively seeking financing solutions. At the same time, the temporary cap on applications until January 2026 has led a large number of installers to refocus on the Monogeste segment, which combines the MaPrimeRénov’ grant with the sale of Energy Saving Certificates (“CEE”). This shift is accompanied by a sharp rise in financing requirements, both for MPR pre-financing and for advances on EECs. For ECAIR, this presents a significant growth opportunity for 2025–2026.
Operating risks
Risk of delays in the supply chain
Mitigation methods
Funding from ECAIR to construction companies is released once checks have been carried out to verify the compliance of the work carried out. The risk of non-payment is therefore linked to a false negative in these checks or to administrative non-compliance in the grant application submitted by ECAIR. The risk of non-compliance is mitigated by ECAIR’s experience and the tools developed in-house for this purpose, as well as ECAIR’s access to all documents in the file in its capacity as administrative agent. The risk of a false negative (where the works are non-compliant and ECAIR has failed to detect the non-compliance) is limited: <1% for minor non-compliance and <0.1% for major non-compliance (figures provided by the project leader).
Investing in this participatory financing project involves risks, including the risk of total or partial loss of the capital invested. Your investment is not covered by the deposit guarantee schemes established in accordance with directive 2014/49/EU of the European Parliament and of the Council . Your investment is also not covered by the investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council . Return on investment is not guaranteed. This is not a savings product, and we recommend that you not to invest more than 10% of your net assets in participatory finance projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, however, you may incur losses.
