Forsee Power says it has secured a EUR55m financing package to support battery industrialisation from Mitsui & Co, the European Investment Bank (EIB) via the European Fund for Strategic Investments (EFSI) and Idinvest.
Energy transition of public transport has greatly accelerated in Europe since the start of 2017 and manufacturers are now engaged in production of vehicles in series to cover a European market estimated at 3,500 buses annually by 2020, which is expected to double during the five following years.
This funding will allow Forsee Power to increase tenfold its production capacity and start mass production of smart battery systems in Europe and China, particularly for the electromobility markets (bus, train, truck, boat, scooter). Consequently, the Group will hire 250 people in France by the end of 2021.
Forsee has already signed battery supply contracts with scooter manufacturers as well as bus producers, including CNHI (Heuliez), CaetanoBus in Portugal and Wrightbus in the UK. In addition, the Group is taking positions in the industrial vehicles and railway markets.
“This new momentum from Mitsui and the EIB is a strong signal for our company and for the battery industry in Europe,” said Forsee CEO, Christophe Gurtner.
“The Forsee Power Group wants to position itself among the big players of electromobility and this financing will allow us to propel ourselves into this flagship market that has been driving us for many years.”