Carvolix (CVX France): Looking for a Saudi manufacturing base

CVX.PA (update): Carvolix has set up Carvolix Saudi LLC, a wholly owned Riyadh subsidiary, as the vehicle for a potential Saudi manufacturing facility serving the Saudi market plus Europe, Asia and North America, with most output earmarked for export; site and financing are unsettled, though discussions already name Saudi bodies (Ministry of Investment, Ministry of Industry, Ministry of Health, MODON, Saudi Industrial Development Fund, SFDA), with envisaged financing combining equity, debt and government subsidies — a new non-dilutive capital source for a company funded mostly via share issuances and structured debt, including a €30m Claret Capital Partners debt program and earlier capital from Truffle Capital and Edwards Lifesciences. Phase one would bring TAVIPILOT Robot (investigational) and KALIOS into commercial production in Saudi Arabia by 2028, building on FDA-cleared TAVIPILOT Software now launching in the US; phase two would add ARTEDRONE and MITRAPILOT. The push aligns with Vision 2030; founder/majority shareholder Philippe Pouletty (also Truffle Capital CEO) attended Macron's Élysée dinner for Crown Prince Mohammed bin Salman this week, though attendance doesn't determine whether the facility gets built. With site and financing unsettled and no production before 2028, the subsidiary is an option kept open, not yet a committed capital project.

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