France – Smart battery systems supplier, Forsee Power SAS of Paris, France, announced its 2024 financial results, with revenues down by EUR 19.5 million (11.38%) at EUR 151.8 million compared with 2023 figures of EUR 171.3 million. Despite lower revenues, the company claims it achieved a positive adjusted EBITDA for the first time in its history.

In the heavy vehicle segment, the company generated EUR 135.6 million, a decrease from EUR 145.5 million in 2023. Conversely, in the light vehicle segment, 2024 sales declined to EUR 16.2 million in sales, a 37.1% decline from EUR 25.8 million the previous year. The overall reduction in sales is attributed to a significant drop in cell prices and decreased activity with a longstanding customer. Looking ahead, Forsee Power anticipates renewed growth in 2025, driven by the bus and off-highway markets.

More than 4,200 buses and over 145,000 light vehicles worldwide are now equipped with Forsee Power batteries. Furthermore, the company opened up new markets, including the Turkish bus market.

Operational highlights in 2024

Most notably in late 2024, the company opened its multimillion-dollar Gigafactory in Hilliard, Ohio, to serve the North American electric Commercial Vehicle (CV) market. This factory represents a major investment and produces lithium-ion batteries for electric vehicles, including buses, trucks, and other commercial vehicles.

The company also added Canadian bus manufacturer, Letenda Inc., to its client list after announcing that it was supplying BAE Systems with its Forsee Zen Plus battery system to equip BAE’s Gen3 powertrain on a class 7 demonstration truck, which was on display at the Advanced Clean Transportation (ACT) Expo 2024 in Las Vegas. These batteries are produced in Columbus, Ohio, making them “Buy America” compliant.

With plans to retrofit 1000 diesel ICE buses over the next three years, Wrightbus Ltd (NewPower), a bus manufacturer based in Ballymena, UK, announced it is using the ZEN PLUS battery system from Forsee Power. The retrofit process involves removing the engine and exhaust and replacing it with an electric motor and battery pack. Wrightbus has chosen the Zen Plus batteries due to their high energy density (180 Wh/kg) and long cycle life (5,000). The Zen Plus battery utilises a 77 kWh NMC lithium-ion cells.

CEO Report

Christophe Gurtner, Founder & CEO of Forsee Power said: 

After two years of very strong growth, the market slowed down in 2024. Forsee Power continued to diversify its customer portfolio with international players to compensate for the drop-in activity with one of our historic customers and delivered excellent performance with the achievement of a turnover of more than 150 million euros and a positive adjusted EBITDA. We therefore approach 2025 with confidence and intend to resume our growth trajectory while continuing to improve our profitability profile.