Forsee Power, a designer and manufacturer of battery systems for light vehicles, industrial equipment and public transport, has completed a capital increase generating net proceeds of 19.4 million euros. Launched on 6 June 2025 with a priority period reserved for existing shareholders, then completed through a global offering, the deal raised gross proceeds of 18.7 million euros. The group’s long-standing financial partners, SPI (Bpifrance), Eurazeo Global Investor and Noria, renewed their commitment and took up the bulk of the subscription.
Analysis by the experts at Auris Finance, advisors in mergers, acquisitions and financial engineering.
The subscription levels reflect a familiar pattern for listed mid-cap technology companies: capital markets remain open when a stable institutional shareholder base is in place, but on less generous pricing terms than during periods of strong investor appetite for the energy transition. The subscription price, set at 0.41 euros per share, included a 9.1% discount to the weighted average share price of the three trading sessions prior to pricing. Irreducible subscriptions represented around 8 million euros, or 42.7% of the total raised, and reducible demand was fully allocated.
An allocation focused on product innovation
The net proceeds follow a precise allocation. Around 70% are earmarked for the development of a new generation of products, with a focus on digitalisation, cybersecurity and the integration of artificial intelligence into battery system control, as well as on continuous improvement in performance and safety. The remaining 30% will finance investments at existing industrial sites, aimed at optimisation rather than expansion. This choice reflects a priority given to technological differentiation, the group already benefiting from significant headroom on its installed production capacity.
A global industrial footprint already in place
This shift towards R&D rather than capacity investment can be explained by the maturity of the group’s industrial operations across its three main geographic regions. In France, the Chasseneuil-du-Poitou site, in the Vienne department, is set to reach a capacity of 4 GWh by 2027. In China, the Zhongshan site, active since 2003, is the group’s historical anchor in Asia. In the United States, the Columbus site, in Ohio, inaugurated in September 2024, meets Buy America requirements and is targeting 3 GWh of capacity by 2028. Additional sites in India and Poland round out this network. The group employs a total of 750 people worldwide and reports more than 4,500 buses and 145,000 electric light vehicles equipped with its batteries.
More than a cash-raising exercise
The capital increase comes with a renegotiation of the debt contracted with the European Investment Bank, taking total secured financing after the operation to more than 50 million euros. This move builds on a financial track record established since 2011, which has mobilised more than 300 million euros in total, including around 100 million euros at the group’s IPO on Euronext Paris in November 2021. Continued institutional support in a more selective market environment is an indicator of the perceived credibility of the group’s business model, beyond the amount raised alone.
The challenge of sector diversification
The priority given to product innovation responds to a twofold market reality: reduced visibility on certain heavy electric mobility segments in the face of the rise of Asian players, and an opportunity for value creation through technological differentiation, which is less exposed to pressure on production costs. Combined with an industrial footprint now present in the main heavy and light electric mobility markets, this strategy positions the group to support the gradual ramp-up of these markets without needing, in the short term, further large-scale industrial investment.
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