Battery supplier Forsee Power expects to achieve break-even in terms of adjusted EBITDA this year

Forsee Power announces it has achieved sales for €84.4 million in the first half of 2024, up +7% from H1 2023 (but Q2 showed a significant decrease: -23%). The battery suppliers highlights that “in the heavy vehicles segment, the Group more than offset the drop in Iveco orders”, as the commercial vehicles OEM chose to rely on in-house developed FPT-made batteries.

2024 financial targets? Estimated sales of between €180 and €200 million. With achievement of break-even in terms of adjusted EBITDA expected this year, as already highlighted also during our visit at the company’s plant in Poitiers, France (the plan is for a projected 15% positive EBITDA by 2028).

Profitability of the company has been impacted by a “macro situation where financial investors do not invest in small and medium tech companies in Europe“, as told by Forsee Power‘s CEO Christophe Gurtner in a interview with Sustainable Bus.

Forsee Power: its core is on heavy vehicles

Highlights of the first half of 2024 at Forsee Power include the partnership with Wrightbus to equip over 1,000 retrofitted buses over the next 3 years, the supply of ZEN PLUS high-energy battery systems to Letenda, a Canadian newcomer manufacturer of zero-emission buses, plus “numerous consultations in the railway sector in the three major regions of the world“.

Also, Forsee Power stresses that it has achieved the first sales of a battery system for truck powertrains by BAE Systems, as well as production of the first battery systems for Skoda’s 100% battery trains.

Christophe Gurtner, Founder and Chief Executive Officer of Forsee Power, states: “Forsee Power has maintained a healthy growth trajectory, with sales up +7% in the first half of 2024, in a context where the electromobility market is experiencing a slowdown worldwide, but whose medium and long-term trend is confirmed. In addition, falling cell costs should boost the launch of major programs from 2025 onwards. At the same time, the first six months of the year were marked by continued business development, with the signing of new international references and the diversification of our customer portfolio in all our promising target markets, such as North America and rail”.