Forsee Power has announced the conclusion of EUR105m (US$125m) in financing to support its expansion into new electromobility markets and regions, including a EUR50m loan from the European Investment Bank (EIB).
The news comes in addition to significant financing secured by Forsee Power shareholders and banks in 2020.
The EUR105m has made it possible to launch the development of new ultra-thin batteries and to increase the industrial performance of its plant near Poitiers in France. It will also enable the long-term development of commercial activities in new market segments and the continuation of the Group’s research and development efforts.
“[Forsee] has the transport market’s most complete range of batteries and has already signed major battery supply contracts with leading bus manufacturers including CNHI (Iveco, Heuliez), Alstom (Aptis), CaetanoBus in Portugal and Wrightbus in the UK,” said Forsee Power CEO, Christophe Gurtner.
The Group is also establishing a presence in rail (Alstom/TER Regiolis and SOCOFER) and industrial vehicle (Kubota) markets.
“This financing is a great opportunity for the Group to consolidate its expertise and expand its smart and sustainable battery system ranges,” added EIB VP, Ambroise Fayolle. “Electric transport shouldn’t just be the future when it can be a reality today. It is the only way to achieve the objectives of the Paris Climate Agreement.
“Climate and innovation investments were at the heart of our strategy in 2020 and we are pleased to once again support Forsee Power’s development after initial financing in late 2017 under the Juncker plan. We are convinced the electromobility sector can constantly reinvent itself and become ever more efficient and we want to support this extremely buoyant European market.”
The Group supplies batteries for OEMs around the world to equip LEVs, commercial vehicles, buses, non-road vehicles, rail vehicles and marine vessels.
The EUR50m EIB loan will finance the development of the Forsee Power Group through the expansion of its range of products for 100% battery-powered, hydrogen hybrid and thermal hybrid vehicles. The Group will be able to strengthen its range of battery systems in the market segments already covered and develop products for new markets, such as non-road vehicles (construction and agricultural vehicles) and light urban utility vehicles.
It will also make it possible to increase manufacturing capacity and provide working capital to meet existing orders, as well as greater market scope via increased marketing and sales spending.
Forsee Power also offers financing solutions (battery rental) and second life solutions for transport batteries.