Forsee Power announces financing of 55 million euros by the European Investment Bank, Mitsui & Co., Ltd., and Idinvest
The Japanese conglomerate Mitsui and the European Investment Bank give the means to the French industrial group to scale up, particularly in the electromobility markets
Paris, December 18, 2017 - Forsee Power, the specialist in smart battery systems for urban mobility, announces a financing of 55 million euros to support the industrialization of its battery systems. This financing was granted by Mitsui & Co., Ltd.(Mitsui), the European Investment Bank (EIB) via the European Fund for Strategic Investments (EFSI) and Idinvest.
Forsee Power to tenfold its industrial capacities to support the energy transition of public transport
Driven by the bus, the energy transition of public transport has greatly accelerated in Europe since the beginning of 2017 and manufacturers are now engaged in production of vehicles in series to cover a European market estimated at 3,500 buses per year by 2020, which is expected to double over the five following years.
This funding will allow Forsee Power to 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.
With the most complete range of batteries on the transport markets, Forsee Power is very well positioned for the future; it has already signed major battery supply contracts with renowned scooter manufacturers as well as bus manufacturers, including CNHI (Heuliez), CaetanoBus in Portugal and Wrightbus in the United Kingdom. In addition, the Group is taking strong 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" recognizes Christophe Gurtner, CEO of Forsee Power. "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" he concludes.
Mitsui regards “Mobility” as one of the key growth areas to focus on
Mitsui is one of the most diversified and comprehensive trading, investment, and service enterprises in the world, with 139 offices in 66 countries as of December 1, 2017. In its Medium-term Management Plan announced in May this year, Mitsui selected “Mobility” as one of the key growth areas to focus on, and it is promoting the expansion of automotive materials through to mobility and transportation services.
Mitsui said “Electrification is one of the most important topics in the Mobility area, so our investment in Forsee Power has great strategic meaning and gives various opportunities for future collaboration in the entire value chain, from raw materials to electrochemistry, vehicles, second life and recycling.”
This participation of EU Fund for Strategic Investments reinforces Forsee Power's investment strategy
The strategy of Forsee Power is to expand its production of battery systems in its international markets. This participation of the EIB is a real accelerator for the Group, which can reinforce its commitment to accelerate recruiting efforts and develop its investment strategy.
As Ambroise Fayolle, Vice President of the European Investment Bank, emphasizes: “Our objective is to support Forsee Power‘s production scale up, development of its salesforce and its R&D activities to strengthen its competitive advantage and gain new markets. Coupled to its commitment to sustainable transport, this new signature under the Juncker Plan demonstrates a more sustainable use of EU resources as well as delivering growth and job opportunities in Europe. Innovation and climate action are two areas, which are of utmost importance for the EU bank.”
As it stands, the European Fund for Strategic Investments (EFSI) which is the central pillar of the Juncker Plan is an 'initiative to fill the current investment gap faced in the European Union. Launched jointly by the EIB Group and the European Commission, it aims to relaunch investment and restore EU competitiveness, thus increasing growth and creating jobs. In France, the Juncker Plan is continuing to gather momentum with a running total of 105 operations providing EUR 8.7bn in EIB Group financing set to mobilize EUR 40bn in additional investments.
In addition, on the occasion of this major financing, Idinvest Partners, shareholder of Forsee Power since 2013, strengthens its stake in the Group.