Calderion
Calderion is a Paris-based venture capital fund founded in 2025 and managed by Audacia, investing Seed-to-Series A tickets (€0.3–2M) into European and global deep-tech companies building the clean molecules value chain — geological, turquoise, green, and blue hydrogen, plus carbon capture and synthetic fuels.
- Company typePrivate
- Founded2025
- HeadquartersParis, France
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Calderion does
Calderion is a Paris-based industrial and technological venture capital fund founded in 2025 and managed by Audacia, a French Financial Markets Authority–authorized portfolio management company. The fund targets Seed to Series A deep-tech companies (TRL 4–7) building the clean molecules value chain across geological, turquoise, green/emerald, and blue hydrogen, carbon capture, and synthetic fuels (e-methanol, e-SAF). First-ticket sizes are €0.3–2M, with a 75% Europe / 25% Rest-of-World geographic split.
The fund's investment thesis rests on a "reverse value-creation" methodology that begins from target 2030 cost thresholds — sub-€1/kg geological hydrogen, sub-€2.5/kg turquoise hydrogen, sub-€4/kg green hydrogen, sub-€3/kg blue hydrogen, sub-€50/ton CO2 capture — and works backward through the technology stack. Its disclosed portfolio of six companies covers the full value chain: Mantle8 (geological hydrogen exploration via the HOREX platform, Grenoble), Graforce (plasma pyrolysis, Berlin), H2SITE (palladium-alloy hydrogen separation membranes, Bilbao), Khimod (Heat Exchanger-Reactors for e-methanol and e-SAF, Wissous), Mitico (potassium carbonate looping CO2 capture, Pasadena), and Geolinks Services (FlowTerra ambient-noise tomography for CCUS monitoring, Nantes).
Calderion generates economics through standard VC mechanics — management fees on committed/deployed capital and carried interest on portfolio exits — rather than product or service pricing. Distribution is entirely direct equity investment; portfolio deal flow is sourced through the Audacia platform, an industrial-expert network, co-investor syndicates (Breakthrough Energy Ventures, Bpifrance, Sandwater, Hy24, InnoEnergy, EIC Fund), and participation in industry events such as HNET and the France-Korea Economic Dialogue. As of the most recent disclosures, 24% of the fund target has been deployed and 39% of the Industrial & Technological Roadmap, with all revenue and AUM figures undisclosed.
Calderion firmographics
Firmographics- Name
- Calderion
- Legal name
- CALDERION
- Website
- https://calderion.com
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Calderion is a Paris-based venture capital fund founded in 2025 and managed by Audacia, investing Seed-to-Series A tickets (€0.3–2M) into European and global deep-tech companies building the clean molecules value chain — geological, turquoise, green, and blue hydrogen, plus carbon capture and synthetic fuels.
- Ownership category
- akta.pro rank
Calderion industry classification
Industry- Product category
- Venture Capital / Deep Tech Investment
- NAICS
- Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)
- SIC
- Investment Advice (6282), Investors, Nec (6799)
- akta.pro primary industry
- SDG / Thematic Sustainable Investment Funds (FSANAJAN)
- akta.pro secondary industries
- Real Assets — Operating Platforms & Direct Investments (FSAAAKAL), Environmental & Resource Efficiency Funds (Water, Waste, Recycling, Efficiency) (FSANAEAE)
Keywords
Where Calderion is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices1 record
Markets served
Calderion business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Investment Returns (Carried Interest): VC fund generating returns through capital gains on portfolio company exits (acquisitions, IPOs) and management fees on deployed capital. Current portfolio deployment at 24% of fund target.
- Management Fees: Standard VC management fee structure on committed/deployed capital
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Seed/Series A Investment Tickets |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Calderion product offering
Product offeringCore offering
Calderion is an industrial and technological venture capital fund that deploys Seed/Series A equity tickets of €0.3 to €2 million into deep tech companies developing the Clean Molecules value chain — geological, turquoise, green/blue/emerald hydrogen, carbon capture, e-methanol, and e-SAF. The fund invests at TRL 4–7 stages, is supported by Audacia, and currently has its portfolio deployed at 24% of the fund target.
Product overview
Calderion is an Industrial and Technological Venture Capital Fund building the value chain of Next Generation Fuels through strategic investments in six portfolio companies. The fund focuses on the Clean Molecules Value Chain united by competitive green molecules, targeting molecule markets accounting for €200bn+/year today. Portfolio investments span across: Geological Hydrogen (Mantle8 for natural hydrogen exploration), Turquoise Hydrogen (Graforce for plasma pyrolysis/methanation), Blue Hydrogen (H2SITE for hydrogen separation and purification), Green/Emerald Hydrogen (Khimod for e-Methanol and e-SAF synthesis), and Carbon Capture Technologies (Mitico for point source CO₂ capture, Geolinks for subsurface monitoring). The fund targets Seed/Series A stage companies with ticket sizes of €0.3 to 2M across Europe (75%) and Rest of World (25%).
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Geological hydrogen production cost target: <1€/kg by 2030
- +3 more outcomes
Companies that use Calderion
Customer profileSegments3 records
Ideal customer profiles1 record
Calderion technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Calderion partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- RAG Austria AGminorPartner of portfolio company Graforce for system optimization and industrial integration of methane plasma pyrolysis plant.
Scale indicators5 records
Recent moves6 records
Expansion highlights4 records
Calderion competitors and assessment
Company assessmentDirect peers
- InnoEnergy: European sustainable energy innovation catalyst backed by the European Institute of Innovation and Technology. Comparable as an EU-based clean-tech investor co-investing in Calderion's portfolio (Geolinks) and competing for the same deep-tech hydrogen/CO2 deal universe.
- Quantonation: Paris-based early-stage deep tech VC co-launched by Audacia alongside Expansion; focuses on quantum physics and enabling technologies. Highly comparable as a sibling platform from the same fund-manager family, with overlapping LP base and similar Seed/Series A TRL focus.
- Hy24: Paris-based clean hydrogen infrastructure investment platform managed by Hy24 Management. Highly comparable as a hydrogen-focused investor that co-led H2SITE's Series B, targeting the same value chain as Calderion but at the infrastructure scale rather than venture stage.
- Breakthrough Energy Ventures: Bill Gates-backed climate-focused VC fund investing across clean molecules, energy, and decarbonization. Direct peer because it co-invests in Calderion's portfolio (H2SITE, Mantle8) and competes for the same deep-tech clean-fuel deal universe globally.
- Sandwater: Norwegian climate deep-tech VC that led Mantle8's €31M Series A. Comparable as a Nordic deep-tech investor targeting industrial decarbonization with a similar Seed/Series A ticket size and European focus.
- Energy Impact Partners: Global climate-tech investment platform with utility and corporate LPs, investing across the energy transition stack. Comparable as a multi-stage climate investor covering hydrogen, carbon capture, and grid-edge technologies overlapping with Calderion's portfolio verticals.
- Clean Energy Ventures: US-based Seed/Series A investor exclusively focused on climate tech, covering hydrogen, carbon capture, and clean molecules. Comparable as a thematic deep-tech climate fund at the same entry stage with a similar industrial-DNA thesis.
- Expansion: Paris-based early-stage deep tech VC co-launched by Audacia with Quantonation. Highly comparable as a sibling fund from the same Audacia platform, sharing LP base, governance, and operational infrastructure.
- DCVC (Deep Capital): US deep tech VC investing in computational, materials, and energy transition technologies. Comparable as a deep-tech specialist targeting Seed/Series A with industrial value-chain focus, though broader in scope than Calderion's clean-molecules-only thesis.
Others
- Bpifrance: French public investment bank managing the French Tech Seed Fund and large fund-of-funds activity. Not a direct competitor but a frequent co-investor (Mantle8, Geolinks) and ecosystem enabler providing concessional capital in the same deal universe.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Calderion social profiles
Digital presenceCalderion financial estimates
Financial estimateRevenue estimate
Valuation estimate
Calderion leadership team
Management profileNumber of profiles
Profiles4 records
Calderion funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Calderion M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Calderion
What does Calderion do?
Calderion is an industrial and technological venture capital fund that deploys Seed/Series A equity tickets of €0.3 to €2 million into deep tech companies developing the Clean Molecules value chain — geological, turquoise, green/blue/emerald hydrogen, carbon capture, e-methanol, and e-SAF. The fund invests at TRL 4–7 stages, is supported by Audacia, and currently has its portfolio deployed at 24% of the fund target.
Is Calderion a public or private company?
Calderion is a private company. It is classified as corporate owned and is currently operating.
When was Calderion founded?
Calderion was founded in 2025. It employs 1 to 10 people.
Where is Calderion based?
Calderion is headquartered in Paris, France, in the Europe region.
How does Calderion make money?
Two revenue lines are on record. Investment Returns (Carried Interest) is the primary driver. The others are management Fees.
Who are Calderion's main competitors?
Direct peers on record are InnoEnergy, Quantonation, Hy24, Breakthrough Energy Ventures, Sandwater, Energy Impact Partners, Clean Energy Ventures, Expansion and DCVC (Deep Capital). Bpifrance is listed as an others.
Does Calderion have an API?
No public API is recorded for Calderion.
What industry is Calderion in?
Calderion's product category is Venture Capital / Deep Tech Investment. Its primary akta.pro industry code is FSANAJAN, SDG / Thematic Sustainable Investment Funds, with a secondary code of FSAAAKAL, Real Assets — Operating Platforms & Direct Investments. Its NAICS code is 5259 and its SIC code is 6282.