Altheora launches a recycled composites project with Mäder and IPC, backed by France 2030
Selected under the regionalised i-Démo component of France 2030, the consortium formed by Altheora, Mäder Composites France and IPC announced on 10 November 2026 a 36-month programme dedicated to recycled thermoset composites.
On the Altheora side, listed on Euronext Growth, the project is led by its subsidiary Mecelec Composites, alongside the subsidiary of the Mäder group and the Technical Industrial Centre for Plastics and Composites.
Recycled and flame-retardant composites intended for energy networks
The ACELT project focuses on the manufacture and processing of recycled composite materials based on glass-fibre-reinforced polyester. The partners aim to develop closed-loop recycling and recovery solutions for these parts, in order to reduce the environmental footprint of composites.
The targeted materials, which are flame-retardant and derived from recycling, are intended for urban energy distribution networks, rail, mobility and urban equipment. Bénédicte Durand, CEO of Altheora, specifies that they will go “primarily to enclosures and equipment for energy distribution networks, the core business of Mecelec Composites”.
The executive indicates that France 2030 support enables the company to “accelerate a roadmap launched several years ago” and to “strengthen competitiveness” at the group's French industrial sites. Altheora has around 250 employees and operates sites in Ardèche, Isère, Ain and Romania.
Funding split equally between the State and two Regions, notified in July
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ACELT is among the winners of the 28 October 2025 wave of the “Projets collaboratifs i-Démo régionalisé” track. The regional selection committee, co-chaired by the State and the Auvergne-Rhône-Alpes and Sud Regions, selected the consortium, and the funding was officially notified on 16 July 2026.
This funding is provided equally by the State, the Auvergne-Rhône-Alpes Region and the Sud Region. Its implementation is entrusted to Bpifrance for the State's share and that of the Sud Region.
The three partners pool their expertise in materials, processing methods and applied research. Julien Molina, CEO of Mäder, believes the project “will allow us to accelerate our work on this strategic topic”, while IPC brings its expertise in applied research and technology transfer.
« restaurer nos marges, en poursuivant notre développement » avec leviers identifiés mais en reconstruction
Risks mentioned
Rentabilité en baisse : EBITDA à 0,6 M€ vs 0,9 M€ un an plus tôt, marge compressée à 3,2 %
Tensions sur les approvisionnements et surcoûts de production mobilisant les équipes
Stocks de sécurité élevés (6,8 M€) dont la normalisation est en cours
Opportunities identified
Prises de commandes en hausse de 20 % sur huit mois, carnet s'étendant jusqu'en 2028
Mobilité progresse de 9 % et représente 40 % de l'activité, levier de diversification
Clauses d'indexation contrats et retour à production normale attendus dès S2 2026
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