France-based battery technology developer Forsee Power has raised €55m ($65.4m) in financing from diversified conglomerate Mitsui, private equity firm Idinvest Partners and the European Union-owned European Investment Bank.
Forsee develops, builds, installs and maintains smart lithium-ion battery systems for electric transport, energy storage, and portable and mobile equipment producers. The company also provides leasing options through a partnership with Neot Capital.
The funding will support recruitment and an R&D-heavy investment strategy as well as the tenfold expansion of Forsee’s manufacturing capacity, allowing it to begin mass production of its technology in Europe and China to meet demand in the smart transport sector.
Christophe Gurtner, Forsee’s chief executive, said: “This new momentum from Mitsui and the EIB is a strong signal for our company and for the battery industry in Europe.
“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.”
Idinvest had previously provided an undisclosed amount of funding for Forsee in 2013.
– Photo courtesy of Forsee Power.