Forsee Power raises 105 million euros in capital
French battery manufacturer Forsee Power has raised 105 million euros in capital, including a 50-million-euro loan from the European Investment Bank (EIB). The company will use the money to expand its product range and increase its manufacturing capacity.
The Group supplies batteries for light electric vehicles, commercial vehicles, buses, off-road vehicles, rail vehicles and ships – but not cars since, as Forsee explains, automobile manufacturers most often own their battery systems. Forsee Power currently has supply contracts for commercial vehicle batteries with CNHI (Iveco, Heuliez), Alstom (Aptis), CaetanoBus and Wrightbus, among others, while also supplying Niu with batteries for electric scooters. The group is also positioning itself in the market for rail vehicles with (Alstom/TER Regiolis and Socofer) and industrial vehicles (Kubota).
The 50 million euros now granted by the EIB will be used for the strategic development of the Forsee Power Group. The French company says that it aims to strengthen its ongoing activities and develop batteries for new markets, such as construction and agricultural vehicles or light urban commercial vehicles. The loan will finance the expansion of its range of products intended for 100% battery, hydrogen hybrid or thermal hybrid vehicles. This is the second loan granted to Forsee by the EIB after receiving 20 million euros in the ‘Juncker Plan’ in 2017.
The additional 55 million euros raised alongside the EIB loan will be used, among other things, to develop Forsee’s technological approach further. The battery manufacturer has announced that it will introduce a new generation of thin battery modules. The new modules will be presented in more detail in spring 2021, with series production planned for the end of 2021. Forsee Power is also planning to expand the capacity of its plant near Poitiers, which opened in 2018. The company’s headquarters says that Forsee Power currently has an annual production capacity of 1 GWh, expanding to up to 4 GWh.
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