Aviation is one of the hardest sectors to decarbonize:
- Global air traffic is projected to double by 2050, which will offset any CO2 emission reductions gained from technological improvement (ex: engine efficiency) or operational levers
- Alternative fuel options, such as electric and hydrogen, are highly limited due to weight constraints
Consequently, SAF emerges as the main option to decarbonize aviation. While SAF consumption is gaining traction due to airline commitments and regulations (e.g., ReFuelEU Aviation, in force in Europe since January 2025), its share remains minor (e.g., 1.25% for Air France-KLM), and scaling up presents significant challenges:
- Developing mature technologies to achieve production costs that result in a viable economic equation: current production costs are 2 to 5 times that of fossil jet fuel
- Ensuring feedstock availability to avoid reliance on imports from Asia: In Europe most SAF is currently produced via the HEFA process (Hydrotreated Esters and Fatty Acid), utilizing UCO (Used Cooking Oil), which is mostly imported from Asia.
Developing SAF production capacities will require massive investment.
The groundwork to catalyze SAF production investment is in place: commitments to net-zero emissions by 2050, SAF mandates in several countries and long-term offtake contracts between airlines and SAF suppliers.
However the coming five years will be crucial to turn early initiatives into operational projects, to mature the technology, reduce the production costs and develop a local feedstock supply chain. This will allow the shift towards SAF to become a national strategic advantage rather than relying on imported used oil from Asia.
February 12th, 2025- Emerton top-ranked in most categories in the latest Vault ranking
#11 rank overall among consulting firms in Europe
#3 for innovation
#2 for recruitment selectivity
#4 for overall diversity
Dec 11 2024 - Bnewable, Belgian company founded in 2022 and specializing in battery systems and energy management for businesses, announces a €40 million commitment of growth capital by its existing investors.
Emerton performed the commercial and strategic due diligence for RGreen Invest.
November 25th 2024 - MET Group has purchased a 100% shareholding in Comax France, an owner, operator and developer of combined heat and power (CHP) and battery energy storage systems (BESS). The acquisition, MET Group’s first investment in French energy infrastructure, expands its flexible assets portfolio in Western Europe and addresses the increasing need of balancing technologies to support the energy transition
Emerton performed the Vendor Due Diligence for Comax and InvestIndustrial.
Article from Les Echos on Emerton's expertise in the decarbonization of industry.
October 18, 2024 - Vantage Capital, Africa’s largest mezzanine fund manager, announced today that it had closed a €66 million mezzanine investment in Camusat Holding S.A.S, the proceeds of which will be used to refinance debt and fund the capital expenditure required for expansion of the group’s AktivCo division. Vantage Capital’s investment is part of a global financing package of €81m provided in consortium with Eurazeo, a leading European investment group.
October 17, 2024 - Andera Partners becomes a major shareholder in the CTP environnement group, alongside its management team and Bpifrance. Emerton performed the commercial due diligence of CTP for Andera.
Emerton listed in the world's best consulting firms by Forbes
Paris, June 26th, 2024 - Reforest’Action is pleased to announce a €20 million investment from Blisce/ and Eiffel Essentiel.
May 2024 - Driven by ambitious environmental objectives, major tire companies are increasingly adopting this sustainable substitute for carbon black to decarbonize their production chain and get the most out of end-of-life tires
Emerton listed in the top Strategy consulting firms in the United Kingdom by consultancy.eu
Emerton consistently ranked among top 4 strategy consulting firms for industrial sectors by Leadersleague
April 2024 – Emerton consistently ranked ‘Leading’ for industrial sectors (energy, automotive, aerospace, industrial goods & services) by Leadersleague, a rating agency for professional services.
Feb. 29, 2024 - Emerton top-ranked in most categories in the latest Vault ranking and listed in the Top 15 Consulting firms in Europe and MEA
Feb. 2024 - Emerton in Top 15 Consulting firms Vault ranking for the Energy sector (2024 Vault ranking)
Emerton ranked #3 for Innovation by Vault 2024 ranking for Europe MEA
Emerton performed the Commercial Due Diligence of Hubency for B & Capital.
B&Capital has acquired a majority stake in Hubency, with the portfolio company’s director general Arthur Di Montagliari reinvesting, as well as the management team.
Emerton consistently ranked among top 4 strategy consulting firms for industrial sectors by Leadersleague
Emerton advised Eiffel Group on this transaction and performed the Commercial Due Diligence.
Mylight150 is a French cleantech company based in Lyon, and a pioneer in energy transition specialized in the design & distribution of smart energy management systems and solar self-consumption solutions (the ability to monetize and optimize surplus production of solar energy).
Once For All, a Lyon, France-based publisher of a legal document sharing platform for the construction sector, has been acquired by Fortius, a UK-based enterprise compliance management platform publisher, a portfolio company of PE firm Warburg Pincus.
Emerton Strategy acted as a consultant to Fortius.
Emerton was ranked by Leadersleague in the top 5 of consulting firms for Strategic support in M&A operations, in the Leading Category.
Leadersleague is a professional services rating agency headquartered in France.
To bridge the growth gap vs. small players, strategic investors in CPG, Retail, and Food & Beverage need a map that drives a more effective and efficient process to identify future winners.
Galiena Capital and management have sold Proengin to Capital Export
Proengin is a global leader in Biological and Chemical (“B&C”) detection. The company designs, develops, manufactures and services chemical (AP2C & AP4C) and biological (MAB) detectors using flame spectrophotometry technology. It also provides R&D / feasibility studies for special products.
Emerton performed the Commercial Vendor Due Diligence of Proengin for Proengin and Galiena.
Update on the challenges and opportunities of an industrial world renewed by AI
Too often, businesses which sell their products through distributors and other retailers spend significant resources calling on accounts serviced by them, trying to avoid a black box effect.
However, they do so without knowing exactly if they are doing it in the most efficient way, thus missing opportunities to target the accounts with the most potential.
Siloed stakeholders, uncoordinated spending, lack of visibility into profitability and no tracking of marketing and commercial actions lead to frustration from the accounts and eventually to lost business.
In this document, we present how a winning account-centric strategy creates a system where all stakeholders work efficiently to grow share at the accounts, renewing their competitive advantage, fueling profitable growth and generating overall better ROI on marketing and sales expenditures.
Consulting firm Emerton has consolidated its position as a leading global strategic merger & acquisitions advisor to the infrastructure sector. From its offices in Paris and New York, Emerton advised on 10 major infrastructure deals in Europe, the US and Africa.
Commercial aircraft are flying at the same speed as 60 years ago.
Since Concorde, which made possible to fly from Paris to New York in only 3h30, no civilian airplane has broken the sound barrier.
The loudness of the sonic boom was a major technological lock to Concorde success, but 50 years after its first flight, an on-going project led by NASA is about to make supersonic flights over land possible. If successful, it will significantly increase the number of supersonic routes and increase the supersonic aircraft market size substantially. This technological improvement combined with R&D efforts on operational costs and a much larger addressable market than when Concorde flew may revive civilian supersonic aviation in the coming years.
Who are the new players at the forefront and the early movers? What are the current investments in this field? What are the key success drivers and remaining technological and regulatory locks to revive supersonic aviation?
Altice Europe N.V. (Euronext ATC, ATCB) (“Altice Europe”) announces today that SFR FTTH, alongside its consortium of financial investors (led by OMERS Infrastructure and including Allianz Capital Partners and AXA Investment Managers - Real Assets, acting on behalf of its clients), has entered into an exclusivity agreement with Cube Infrastructure Fund and Partners Group (acting on behalf of its clients) regarding the acquisition of 100% of Covage for a total cash consideration of €1.0 billion.
Emerton performed the Commercial Vendor Due Diligence for Cube Infrastructure and Partners Group.
An increasing reliance on Artificial Intelligence for decision making is driving financial institutions, regulators, and supervisors towards a clarification of sources and control of risks. These risks were either already present (but marginal) or even non-existent in the usual model risk management framework. In a context where the use of machine learning is becoming massive and industrialized across banks and insurance companies, problematics such as interpretability and dynamic monitoring, robustness, ethics, bias and fairness require a specific attention.
Although all these topics are becoming active academic research topics and business innovation fields, their rigorous analysis from the model risk point of view remains at its early stage. A close collaboration between academics, regulator experts and private sector professionals can accelerate finding pragmatic answers to multiple important questions, e.g. how to interpret outputs of black-box models? How to monitor machine learning models in time? When and why do they deviate? How to control the discrimination incurred by the algorithms? How to prevent the effects on decisions of input data changes or data falsification?
This short paper is based on Emerton Data research and analysis and provides an introduction to the newly raised problematics of machine learning risks and ethics, with a focus on insurance and more generally on financial services, probably the most mature sectors, even if these problematics will soon affect all industries.
Emerton performed the commercial due diligence of Ocea Smart Building for ICG
Paris, 4 April 2019 – Tikehau Capital, through its pan-European minority growth equity fund, and Bpifrance are investing EUR 38 million in ADDEV Materials to support its international development.
Emerton performed the Commercial Due Diligence for Tikehau.
Paris, March 26th, 2019 – Core Infrastructure Fund II managed by Mirova (an affiliate of Natixis Investment Managers) and Asterion Industrial Infra Fund I have acquired Proxiserve, a leading French group in sub-metering and energy services.
Mirova and Asterion were advised by Emerton, XK Corporate Finance, KPMG Corporate Finance & TS, DLA Piper.
