Historical programming period — scheme no longer open to new applications
Vulkam: industrializing a new generation of metals with France 2030
Auvergne-Rhône-Alpes· Métallurgie et travail métaux
How a company born from research in Grenoble mobilized public and private financing to build a factory dedicated to the industrial production of amorphous metals. A case that combines equity investment, debt, and public support from France 2030 — financial operations that should not be confused with one another.
Funding obtained
€14,000,000
Instrument
Equity investment
The company
Vulkam (SIREN 833877517) is a company founded on December 6, 2017 by Sébastien Gravier and Alexis Lenain, based on metallurgy research conducted at the SIMaP laboratory, affiliated with CNRS and Grenoble INP. Its headquarters are in Gières (Isère).
It develops amorphous metal alloys, marketed under the Vulkalloys® brand. Unlike conventional metals, whose atoms have a crystalline organization, amorphous metals have a disordered atomic structure, which gives them specific mechanical properties: high mechanical strength, better wear resistance, the ability to manufacture miniaturized, high-precision parts, reduced material consumption, and better component durability.
Target markets include watchmaking, medical devices, aeronautics, aerospace, and industrial equipment.
The initial need
After several years of R&D and prototyping, Vulkam needed to make the leap to industrial scale: building its first series-production factory, and therefore combining several sources of financing — equity, debt, and public support — for an industrial investment of several million euros.
- Finance the construction of a first series-production factory.
- Acquire the equipment and production line needed.
- Strengthen equity to support costly industrialization.
- Secure a blended financing package combining equity, debt, and public support.
The funded project
The project involves moving from a technology born from research and prototyping to industrial series production, through the construction of a first factory in Le Versoud, Isère.
The initial project announced in January 2024 envisaged a factory of around 3 000 m², an industrial investment envelope of 15 M€, a production line dedicated to Vulkalloys®, and a target capacity of 2 million parts in the first year, then 4 million from 2026.
The factory was inaugurated on September 24, 2026. The site ultimately presented by the local business press (Présences Grenoble) measures 2 600 m², in the Grande-Île business park in Le Versoud. It is designed for a capacity of 2 million parts per year on its first line, with around 9 M€ devoted to machinery out of the 15 M€ total investment. A land reserve would allow for the installation of a second line.
Both pieces of information should be kept in the project record: the characteristics initially announced (January 2024) and those observed at the inauguration (September 2026).
- Construction of the industrial building (2 600 m², Grande-Île zone, Le Versoud).
- Production line dedicated to Vulkalloys® (around 9 M€ in machinery).
- Total industrial investment of 15 M€ (building, equipment, production line).
Funding plan
Total cost
€34,000,000
Public funding
€6,000,000
Other known funding
€28,000,000
The overall amount of 34 M€ announced on January 15, 2024 breaks down into 14 M€ of equity (SPI 2/Bpifrance on behalf of the State under France 2030, Supernova Invest, UI Investissement, BNP Paribas Développement, Crédit Agricole Sud Rhône Alpes Capital, Inco Ventures, SEB Alliance, Vertech) and 20 M€ of debt and public support, including 6 M€ from the State via France 2030 (notably the Première Usine scheme) and 14 M€ in bank loans via Bpifrance. The press release does not detail the individual share of the SPI 2 fund within the 14 M€ of equity, nor the exact instrument (grant or repayable advance) making up the 6 M€ France 2030 contribution: these two points should therefore not be presented as precisely broken down.
The scheme used
France 2030, notably via the Première Usine scheme, combined with an equity investment carried by the SPI 2 Fund (managed by Bpifrance on behalf of the State) and bank loans from Bpifrance. Vulkam is also the winner of a second France 2030 program, VulBaM, dedicated to developing an amorphous metals machining technology and structuring an industrial supply chain, in a consortium with the SIMaP (CNRS) and LAMPA (Arts et Métiers) laboratories — a separate operation, not quantified here as its precise amounts could not be independently confirmed.
Results and outcomes
- Achieved
On January 15, 2024, Vulkam announced overall financing of 34 M€ to support its industrialization: 14 M€ in equity and 20 M€ in debt and public support, including 6 M€ via France 2030.
2024-01-15 — source
- Achieved
On September 24, 2026, Vulkam inaugurated its first amorphous metals production factory in Le Versoud (Isère): 2 600 m², 15 M€ in investment including 9 M€ in machinery, a targeted capacity of 2 million parts per year on the first production line, and around forty employees.
2026-09-24 — source
- Achieved
Vulkam is also the winner of the France 2030 VulBaM program, dedicated to developing an amorphous metals machining technology, in partnership with the SIMaP (CNRS) and LAMPA (Arts et Métiers) laboratories. The precise amounts of this second round of financing could not be independently confirmed and are therefore not quantified here.
Results are distinguished by nature (achieved, stated objective, forecast, estimate) — never presented as certain without this distinction.
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Sources and transparency
- Bpifrance — Vulkam raises 34 M€ to build its first amorphous metals production factory — Bpifrance
Confirms the structure of the 34 M€ financing (14 M€ of equity, 20 M€ of debt including 6 M€ France 2030 and 14 M€ of Bpifrance loans), the investors, and the initial characteristics of the factory project.
- Caisse des Dépôts — Bpifrance supports the establishment of Vulkam's first amorphous metals factory — Caisse des Dépôts
Independently confirms the financing structure and the role of France 2030 (Première Usine scheme).
Présences Grenoble — Vulkam inaugurates the first amorphous metals factory — Présences GrenobleConfirms the inauguration date (September 24, 2026), the building's surface area (2 600 m²), the investment (15 M€ including 9 M€ in machinery), and the targeted production capacity.
- Vulkam — Winner of two flagship France 2030 programs (VulBaM and VulFab2024) — Vulkam
Confirms the existence of the VulBaM project and the consortium with SIMaP (CNRS) and LAMPA (Arts et Métiers) — without allowing verification of the precise amounts cited elsewhere, deliberately omitted from the financial operation.
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