It can be argued that thriving towards circular economy cannot be done without considering the inputs of energy. Energy is one of the important flows as it powers the activities of many sectors and industries. However, it is often overlooked with regard to the CE. Furthermore, reconciling the reduction in the consumption of natural resources with the economic activity of companies in the energy sector raises questions such as solving simultaneously the ecological issues while preserving their economic results, promoting the decrease in energy consumption and identifying new sources of income. The literature on BM highlights that it is a tool to analyze the mechanisms for an organizations to create value, it is also a narrative and calculative device that helps investigate a new market, and a venue for innovation. In order to contribute to the burgeoning literature about Circular BM, this research aims to build on an existing framework of circular BMs and to discuss it based on the circular activities developed by a large company in the energy sector. For this purpose, we studied the case a large multinational company, Engie. More specifically, we explore how the company adapts its activities, develops novel ones, promotes circularity outside its boundaries and assist its partners in that evolution towards circularity. Furthermore we aim to delineate the business models adopted for these various activities.
