What ManuCo does

ManuCo (operating as Eurenco) is a France-based supplier of energetic materials serving the defense, law enforcement, pyrotechnics, and civil explosives industries. Founded in 2005 and headquartered in Bergerac, France, the company specializes in the chemistry of propellants, explosives, and pyrotechnic compositions, and self-describes as the European leader in its category and a designated chemist for the EU's Defense Technological and Industrial Base (EDTIB). Its flagship technology is the MACS (Modular Artillery Charge System) artillery propellant charge platform, developed and now being produced through a joint venture with ZVS holding of the CSG Group in Slovakia.

Eurenco sells directly to defense ministries and national defense industrial groups across Europe via enterprise field sales and long-cycle government contracts. Its customer base includes Polska Grupa Zbrojeniowa (PGZ) in Poland and strategic partners in Slovakia, with civil market applications serving as a secondary segment. The go-to-market relies on high-level government engagement — including signing ceremonies at ministries of defence — rather than traditional marketing channels, consistent with the regulated nature of defense procurement.

The company is privately held with 101–250 employees and is led by Chairman Bruce Iehl. In February 2026 Eurenco closed a €300 million inaugural financing round to accelerate European industrial expansion, following an earlier $100 million round in January 2021. Its revenue model is hardware sales of energetic materials under negotiated B2B contracts; pricing is not publicly disclosed. The business carries no meaningful AI/ML dependency, with competitive differentiation resting on regulatory standing, capital-intensive specialized manufacturing, and deep domain expertise in energetics chemistry.

Name

ManuCo

Legal name

ManuCo

Website

https://manuco-nc.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

ManuCo (Eurenco) is a France-headquartered European leader in energetic materials, supplying propellants, explosives, and pyrotechnics to defense ministries, national defense groups, and civil markets, with the MACS artillery propellant platform as a flagship product.

Ownership category

akta.pro rank

Product category

Defense Energetic Materials Manufacturing

NAICS

Explosives Manufacturing (32592), Chemical Manufacturing (325)

SIC

Ordnance & Accessories, (No Vehicles/Guided Missiles) (3480)

akta.pro primary industry

Explosives, Energetics & Pyrotechnics (Military-Grade) (IMABAHAK)

akta.pro secondary industries

Military-Grade Explosives & Energetic Materials (IMAEALAE), Artillery, Mortar & Tank Munitions (IMABAHAH), Energetic Materials Precursors & Intermediates (IMAEALAJ)

Keywords

• Energetic materials manufacturing
• Defense propellant supply
• Artillery charge systems
• Pyrotechnic compositions supply
• Civil explosives materials

Headquarters

HQ city

Bergerac

HQ country

France

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Defense Materials Sales: Eurenco generates revenue through the sale of energetic materials including propellants, explosives, and pyrotechnic compositions to defense customers. As the European leader in energetic materials and a chemist for the EU's Defense Technological and Industrial Base (EDTIB), the company supplies critical materials to European defense industries and ministries of defense.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

ManuCo manufactures and supplies energetic materials, including propellants, explosives, and pyrotechnic compositions, for the defense, outdoors, law enforcement, pyrotechnics, and civil explosives industries. Its portfolio spans defense solutions (such as the MACS Modular Artillery Charge System) and civil solutions, produced at strategically located European manufacturing facilities including the Bergerac site in France. The company is positioned as a European leader in energetic materials and a chemist for the EU's Defense Technological and Industrial Base (EDTIB).

Product overview

ManuCo operates as a single unified product portfolio company specializing in energetic materials, serving both defense and civil markets. The company offers defense solutions including artillery propellant charges and military-grade powders, alongside civil market solutions. The core offering centers on MACS Artillery Propellant Charge technology developed through strategic partnerships, with all products manufactured at European facilities including the Bergerac site.

Differentiator

Problem solved

Functional benefit

Products and services

• Defense Solutions Energetic materials and solutions specifically developed for defense applications, including artillery propellant charges and military-grade powder production, supplied to defense ministries and defense industrial customers across Europe.
• Civil Solutions Energetic materials for civil and commercial applications, serving non-military markets with specialized chemical formulations and pyrotechnic compositions for industrial uses.
• MACS Artillery Propellant Charge Advanced Modular Artillery Charge System (MACS) artillery propellant charge system designed for military artillery applications, produced through a joint venture with ZVS holding in Slovakia.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Polska Grupa Zbrojeniowa (PGZ)coreStrategic or Co-development Partner · 18 March 2026EURENCO and PGZ have accelerated their strategic partnership with an official visit to Bergerac by the PGZ Board on March 18, 2026. Key milestones were confirmed in their industrial cooperation. PGZ is the Polish Armaments Group, representing Poland's national defense industrial interests.
• ZVS holding (CSG Group)coreStrategic or Co-development Partner · 4 March 2026EURENCO and ZVS holding from the CSG Group established a joint venture in Slovakia on March 4, 2026, to build a new MACS (Modular Artillery Charge System) artillery propellant charge plant. The joint memorandum was signed at the Ministry of Defence of the Slovak Republic in the presence of Slovak Minister of Defence Robert Kaliňák.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Chemring Group: UK-listed specialist in energetic materials, countermeasures, and propellants for defense and security markets — directly comparable product portfolio and customer base (NATO defense ministries).
• Nammo: Norwegian/Finnish defense group specializing in ammunition, rocket motors, and propellants — directly comparable energetics manufacturing for European and US defense customers.
• Maxam: Spanish privately-held manufacturer of civil explosives, defense energetics, and pyrotechnics; directly comparable product mix spanning defense and civil explosives.

Broad incumbents

• KNDS (Nexter/KMW): Franco-German artillery and armored systems prime; a major customer and adjacent competitor for propellant and energetic-materials supply within European defense.
• Rheinmetall: German defense prime with ammunition and propellant operations; comparable customer base and overlapping participation in European artillery and munitions programs.
• BAE Systems: Global defense prime with significant munitions, energetics, and propellant capability; comparable defense customer set, though diversified across many platforms.
• General Dynamics Ordnance and Tactical Systems: US defense prime's munitions and energetics division; comparable in propellant and explosives manufacturing but operating primarily in the US market.

Regional players

• Orica: Global leader in commercial explosives and blasting services for mining and quarrying; comparable on the civil explosives side of Eurenco's portfolio, though geographically diversified.
• Dyno Nobel: Major global civil explosives and blasting services provider; comparable civil-market products but predominantly commercial rather than defense-focused.

Emerging players

• Poongsan Corporation: Korean manufacturer of artillery propellants, explosives, and ammunition; comparable energetics and propellant product line for defense customers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments

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

Frequently asked questions about ManuCo