GEOCORAIL boosts its development capabilities by securing close to 1m€ in financing from Bpifrance

GEOCORAIL boosts its development capabilities by securing close to 1m€ in financing from Bpifrance

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Marseille, June 28th, 2016 – GEOCORAIL, an innovative company specialized in the prevention of coastal erosion and the protection of marine structures, announces today that it was awarded two loans from Bpifrance for a total amount 980,000 euros.

Philippe Andréani, Managing Director of GEOCORAIL, declared: « We are very happy to be able to count on the support of Bpifrance to help us finance our development. This major contribution is a valuable addition to the capital increase subscribed by our reference shareholder Truffle Capital in December 2015.
GEOCORAIL now has two R&D installations covering the seaboards of the Atlantic Ocean (Châtelaillon-Plage experimental site) and the Mediterranean Sea (test bench in the oil port of Fos-sur-Mer). These facilities are dedicated to the optimization of the Geocorail® process and the testing of its multiple applications. They will allow us to speed up our development with the objective of signing our first commercial contracts. »

Carole Loget, Innovation Account Manager at Bpifrance PACA added: « The patented technology of GEOCORAIL is innovative and an appropriate solution to the national and international issue of coastal erosion. This very promising technology, combined with the extensive professional experience of Philippe Andréani, convinced us of the necessity to financially support GEOCORAIL. »

About GEOCORAIL / www.geocorail.com
GEOCORAIL develops and commercializes innovative solutions to mitigate shore erosion and protect maritime coastal works and offshore structures. These solutions are based on an electrochemical process respectful of the environment that allows the in situ creation of a natural stone from minerals present at the site. The Geocorail® exhibits a high mechanical resistance and presents an aspect which allows it to blend into its surroundings. It also offers the advantage of sequestrating some of the carbon that is present in the oceans. The Geocorail® formation mechanism can also be used to trap and recover certain pollutants present in the marine environment, such as heavy metals. GEOCORAIL continues the development and optimization of its process for direct applications and is looking to partner with major players in maritime engineering for applications complementing existing engineering practices. GEOCORAIL was founded and advised by Truffle Capital in 2012 and is supported, since its creation, by the Holding Incubatrice “Commodities and Materials”.

For more information, please contact:
GEOCORAIL SAS
Philippe Andréani
Managing Director
Tél : +33(0)6 13 18 32 55
philippe.andreani@geocorail.com

COMALTO (Media Relations)
Jean-François Carminati
Tél : +33(0)6 63 87 57 60
jfcarminati@comalto.com
Nicole Roffé
nroffe@comalto.com

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