Battery manufacturer Forsee Power to reach break even in terms of adjusted EBITDA this year
In terms of 2024 financial targets, estimated sales are 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 company has achieved the first sales of a battery system for truck powertrains by BAE Systems.
Forsee Power has achieved sales for €84.4 million in the first half of 2024, up +7% from the first half of 2023 (but Q2 showed a significant decrease: -23%). “In the heavy vehicles segment, the Group more than offset the drop in Iveco orders”, stated the company, as the commercial vehicles OEM chose to rely on in-house developed FPT-made batteries.
In terms of 2024 financial targets, estimated sales are 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).
Forsee Power: its core is on heavy vehicles
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, stated: “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”.
