CARBON

What CARBON does

CARBON is a French photovoltaic manufacturer founded in 2022 with the stated mission of reindustrializing solar panel production in Europe. The company planned to operate a vertically integrated production chain spanning silicon ingots and wafers through PV cells and finished modules, with TOPCon (Tunnel Oxide Passivated Contact) cell technology co-developed with CEA Liten and INES, and a 100% electric manufacturing process targeting zero carbon emissions. Its flagship Fos-sur-Mer gigafactory — designed for 5 GW of cells and 3.5 GW of modules, backed by a €1.7 billion budget and conditional on regulatory tailwinds from the EU Net Zero Industry Act and France's Industry Acceleration Act — was abandoned in May 2026 after the company determined it could not secure financing under the regulatory framework as ultimately enacted.

The company sells B2B to utility-scale solar power plant developers and panel assemblers through direct enterprise sales and offtake agreements, with twelve named solar developers (CVE Group, IEL, Tenergie, Terre et Lac, Wewise, among others) pledging offtake-related commitments. Distribution runs through a multi-site footprint: the Fos-sur-Mer port site (planned), CARBON One (a 500 MWc pilot unit operational from autumn 2025), Photowatt (a historic French PV manufacturer acquired from EDF Renouvelables in September 2024 for an expansion investment of €40 million targeting 500 MW of module output at Bourgoin-Jallieu), and the CARBON Lab R&D and training center in Istres.

Revenue is not yet material: CARBON employs 1–10 people today, has not publicly disclosed revenue, and the company describes itself as an industrial startup pre-scale. Capital raised to date consists of a €15 million grant from Région Sud Provence-Alpes-Côte d'Azur, an undisclosed strategic investment from CMA CGM's Fund for Energies, and a €1M+ crowdfunding campaign (Enerfip) supplemented by €2M+ from independent solar producers in April 2025. Leadership is led by co-founder and President Pierre-Emmanuel Martin (founder of Terre et Lac, Vice-President of ENERPLAN) and CEO Nicolas Chandellier (ex-World Vice-President at Becton Dickinson).

Name

CARBON

Legal name

SAS CARBON

Website

https://carbon-solar.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

CARBON is a French photovoltaic manufacturer (founded 2022) building vertically integrated solar cell and module production for utility-scale European developers, after abandoning its €1.7B Fos-sur-Mer gigafactory plan in May 2026 and pivoting to its 500 MWc CARBON One pilot and the Photowatt module facility acquired from EDF Renouvelables.

Ownership category

akta.pro rank

Product category

Photovoltaic Manufacturing

NAICS

Semiconductor and Other Electronic Component Manufacturing (3344), Solar Electric Power Generation (221114)

SIC

Electronic Coils, Transformers & Other Inductors (3677)

akta.pro primary industry

Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film) (EUAMAHAA)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar Inverters, Power Optimizers & MLPE Manufacturing (EUAMAHAB), Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)

Keywords

• Photovoltaic module manufacturing
• Solar wafer production
• TOPCon solar cells
• Vertically integrated PV manufacturing
• Utility-scale solar supply

Headquarters

HQ city

Lyon

HQ country

France

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Personnel, Technology or R&D, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Photovoltaic Module Sales: CARBON manufactures and sells photovoltaic modules, cells, and wafers to solar power plant developers and panel assemblers. The vertically integrated production covers the entire PV value chain from silicon ingots to finished modules.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

CARBON manufactures photovoltaic modules, cells, and silicon wafers through vertically integrated production facilities in France. The company uses TOPCon cell technology developed in partnership with CEA and INES to produce high-efficiency, low-carbon solar products. Its offerings target large solar power plant developers and panel assemblers via direct B2B sales and long-term offtake agreements.

Product overview

CARBON is a French photovoltaic manufacturer offering integrated solar panel production solutions. The company's product portfolio centers on two manufacturing facilities: CARBON one, a 500 MWc pilot production unit operational from autumn 2025, and the Photowatt facility (acquired in 2024) with 500 MW module capacity at Bourgoin-Jallieu. Originally, CARBON planned a flagship gigafactory in Fos-sur-Mer that would have integrated the entire photovoltaic value chain—from ingot and wafer production through cell manufacturing to module assembly—but this project was abandoned in May 2026 due to regulatory uncertainties. The company produces high-efficiency, durable, low-carbon photovoltaic modules for the European market.

Differentiator

Problem solved

Functional benefit

Brands

• CARBON one: First production unit of 500 MWc announced at Choose France summit, operational by autumn 2025
• CARBON Lab

Products and services

• CARBON one A 500 MWc pilot photovoltaic module production unit located in France, designed to test, refine, and optimize manufacturing processes before full-scale gigafactory operations. Produces approximately 1 million photovoltaic panels annually.
• Photowatt PV Modules Historic French photovoltaic panel manufacturer located in Bourgoin-Jallieu, producing photovoltaic modules under the Photowatt brand. Contributes a 500 MW module production capacity to CARBON's domestic manufacturing footprint.
• Integrated PV Value Chain (Wafers, Cells, Modules) Vertically integrated production spanning silicon ingots and wafers, photovoltaic cells, and finished solar modules, using TOPCon cell technology co-developed with CEA Liten and INES. Originally planned as the Fos-sur-Mer gigafactory (5 GW cell / 3.5 GW module capacity) but the gigafactory project was abandoned in May 2026 due to regulatory uncertainties.

Quantifiable outcome

• 3,000 direct and sustainable jobs created by 2027
• +5 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and strategic.

• EnerfipcoreGTM or Marketing Partner · 2 April 2024Leading responsible investment platform for energy transition in France and Europe partnered with CARBON for a groundbreaking crowdfunding campaign launching April 2, 2024. The campaign targeted €1 million+ from public investors to support CARBON's industrial solar project. Additionally, 10 solar producers and 2 consulting firms committed €2 million in support.
• CEA LitencoreTechnology or IntegrationFrench Alternative Energies and Atomic Energy Commission (CEA) laboratory for energy transition. Partner in TOPCon cell technology development and R&D collaboration.
• INES (Institut National de l'Énergie Solaire)coreTechnology or IntegrationNational Solar Energy Institute partnered with CARBON for TOPCon cell technology development. Co-developed solar cells presented to President Macron.
• Becquerel InstitutestrategicStrategic or Co-development PartnerStrategic partner and advisor to CARBON. Gaëtan Masson serves as partner and administrator of CARBON while being President of Becquerel Institute. Provides industry expertise and PV market analysis.
• IPVF (Institut Photovoltaique de l'Île-de-France)strategicTechnology or IntegrationResearch institute for photovoltaics listed as a partner supporting CARBON's R&D initiatives.
• ISC KonstanzstrategicTechnology or IntegrationInternational Solar Cell Research institute listed as a research partner supporting CARBON's technology development.
• ESIA (European Solar PV Industry Alliance)strategicStrategic or Co-development PartnerCARBON is a founding member of ESIA, established at the request of the European Commission to accelerate European solar industry growth and ensure industrial independence. Pierre-Emmanuel Martin co-chairs the non-price criteria working group.
• Terre et Lac SolairestrategicStrategic or Co-development PartnerIndependent solar electricity producer founded by Pierre-Emmanuel Martin. Strategic partner and supporter of CARBON with 4 GWc of projects in exploitation.
• Grand Port Maritime de MarseillestrategicStrategic or Co-development PartnerPort authority partnered with CARBON to host the gigafactory at Fos-sur-Mer industrial port area. Provides logistics infrastructure and strategic location for manufacturing operations.
• EDF Renouvelables (Photowatt)coreStrategic or Co-development PartnerCARBON acquired Photowatt from EDF Renouvelables in September 2024. Photowatt is a historic French PV manufacturer since 1979. The acquisition includes €40 million investment to expand Photowatt's Bourgoin-Jallieu facility.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Voltec Solar: French photovoltaic module manufacturer headquartered in Alsace. Most direct geographic and product peer to CARBON, also targeting the European 'Made in France' PV segment with utility-scale and rooftop modules.
• Meyer Burger Technology: Swiss-headquartered premium PV module manufacturer with European production (Germany). Comparable in attempting European high-efficiency module manufacturing and in facing similar Chinese cost-pressure and financing challenges.
• Hanwha Qcells: One of the largest global PV manufacturers with significant European (German) production capacity. Closest peer at scale combining TOPCon technology, vertical integration, and a European manufacturing footprint serving utility-scale developers.
• REC Group: Norway-headquartered PV module manufacturer with premium positioning. Comparable as a Europe-facing brand-name module maker competing on quality, sustainability and warranty rather than commodity price.
• Maxeon Solar Technologies: Spin-off from SunPower manufacturing high-efficiency back-contact PV modules with European operations. Comparable in targeting premium, differentiated PV module segments in Europe and North America.

Emerging players

• Solitek: Lithuanian PV module manufacturer producing glass-glass and BIPV modules for the European market. Smaller-scale European peer also benefitting from EU solar sovereignty policies.

Broad incumbents

• SunPower: US-headquartered solar PV company with residential and commercial module offerings. Comparable in the premium residential/rooftop PV segment though not a vertically integrated cell producer.
• LONGi Green Energy: World's largest monocrystalline silicon and PV module producer based in China. Represents the dominant incumbent whose cost leadership and scale CARBON must compete against in European markets.
• Trina Solar: Top-tier Chinese vertically integrated PV manufacturer (ingot-to-module) and a global leader in TOPCon technology. Closest scale/technology competitor representing the Asian cost-advantaged incumbent model.
• JA Solar: Major Chinese vertically integrated PV manufacturer (wafer, cell, module). Comparable in the integrated TOPCon value chain CARBON is building, and a benchmark for global scale economies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• Xx.com/carbon_PV

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CARBON