Watèa opens up its capital to Crédit Agricole

In order to accelerate its growth, the Michelin subsidiary Watèa is opening up 30% of its capital to Crédit Agricole Leasing & Factoring. Launched in 2021, Watèa supports the transition of professional fleets towards electric mobility, with a planned opening to hydrogen.

Within one year, Watèa by Michelin has captured more than 10% of the last-mile delivery market in France and is expanding to include construction and housing services companies. The memorandum of understanding with Crédit Agricole provides for the financing of mobility solutions for VSEs, SMEs and large groups to help them carry out their energy transition projects.

“This agreement will accelerate Watèa’s growth and is fully in line with the Michelin Group’s strategy, which demonstrates its ability to leverage its expertise beyond tyres,” said Lorraine Frega, Michelin’s Business, Innovation and Partnerships Director.

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Article written by Laurent Meillaud and translated by Logan King