Back

Lucas LOYET-AZOULAY, a student at IÉSEG and an entrepreneur, now co-leads C2Rénovation with his business partner. The company helps organizations and local authorities improve the energy efficiency of their buildings. He shares his journey and the company’s ambitions.

Lucas, what does C2Rénovation do?

C2Rénovation provides clients with a turnkey solution to ensure their buildings comply with the Tertiary Decree and BACS regulations. The company was founded five years ago, following the introduction of energy efficiency certificates (C2E) for large-scale renovations. These regulations aim to reduce pollution and energy waste in buildings through improvements in heating, electricity, air conditioning, insulation, and more. Industrial and commercial buildings are particularly affected — the larger the building, the greater the potential energy savings.

How does it work?

We rely on non-governmental funding under the “polluter pays” law: highly polluting companies finance energy renovation projects to offset emissions exceeding their allowed quotas. This system enables both businesses and public authorities to fund their renovation works.

How did you get involved with C2Rénovation?

I met the Founder completely by chance four years ago at a ski resort. We spent a few days together, and I shared my interest in joining C2Rénovation. At first, I was learning everything on the fly, but after a year, I had already generated €4.8 million worth of projects. That’s when he offered me to become a partner in the company.

Who are your clients?

Our clients are diverse: airports, malls, large property management firms… Our biggest project was at Lyon Saint-Exupéry Airport, France’s largest private airport, where we delivered €9.5 million in renovations with zero cost to the client. Since then, we’ve been approved by Vinci Airports and are working with airports in Nantes, Rennes, Montpellier, and Marseille. We’ve also collaborated with Orpéa, Euralia, and a major real estate company with 250,000 m² of upcoming energy renovations.

What is your role in the company?

Four years ago, I was bringing in clients and attending contract signings, without involvement in technical audits. Today, I have the same responsibilities as the founding partner: managing projects, technical engineers, and technical directors.

For large projects, the process is highly regulated. Three government bodies inspect the work before any payment. We’re paid not by the client, but by the delegating company (the polluter funding our work). If errors are found, we lose everything. We only have a 5% margin for error, so precision is critical. We also cover upfront costs ourselves—materials, labor, etc.—so mistakes directly impact us.

How do you handle the technical side?

Since I don’t have the expertise to conduct full audits, I rely on our technical director, one of the best in the field, in my opinion. With 20 years of experience at major companies like LVMH, Naf Naf, and Celio, he oversees audits with his team of engineers.

You’re still a student at IÉSEG—how do you manage both?

As my father says, practice beats theory. School provides essential learning, but getting hands-on experience is invaluable. IÉSEG prepares us well, but starting a business requires trying, failing, and trying again. Entrepreneurial skills are mostly learned in the field.

For areas like accounting, academic training is crucial. Today, our energy business is approaching €20 million in revenue. I’m not yet able to manage accounting at that scale—payroll, taxes, lawyers, materials, staff—so my IÉSEG courses are essential. Balancing studies and running the company is challenging, but manageable for now.

You’re part of the incubator — what’s that experience like?

I joined the SCALE program, and it’s fantastic! The mentorship from professionals is excellent, and the networking is invaluable. Everyone is approachable and willing to help—if you need an engineer or a technical director, connections are easy to make. There are also plenty of social events and ongoing support, so I highly recommend the incubator to any student, even if you just have an idea and haven’t started anything yet.

What are C2Rénovation’s future goals?

In the mid and long term, there are countless buildings to renovate. Under the Tertiary and BBC regulations, all buildings over 2,000 m² must reduce energy consumption by 40% by 2030, 50% by 2040, and 60% by 2050 — so there’s plenty of work ahead! At the same time, we are developing other projects aligned with our long-term vision: sustainability, compliance, and innovative solutions for the energy transition. My dream? To reach €100 million in revenue on a major project!