Overview
Forsee Power is France’s specialist battery systems company for heavy mobility — designing, manufacturing, and integrating intelligent battery systems for electric buses, trams, trucks, and industrial vehicles. Founded in 2011 by CEO Christophe Gurtner and listed on Euronext Growth Paris since October 2021 (ticker: FORSE), Forsee Power occupies a specific and strategically important niche in France’s electrification ecosystem: the system integrator that translates raw battery cells (sourced from manufacturers like Samsung SDI, CATL) into complete, certified battery modules and packs with onboard intelligence for heavy vehicle applications.
The company’s revenue of approximately €120M+ (2023) reflects commercial traction primarily in the European electric bus market, where Forsee Power’s Smart Battery Systems (SBS) are integrated into buses from Iveco Bus (formerly Irisbus), Irizar (Spain), BYD (China), and other manufacturers. Forsee Power’s battery packs are the invisible but essential component in every Iveco E-WAY electric bus — the dominant electric bus platform in France and several European markets.
France 2030’s electric vehicles and batteries axis specifically includes heavy mobility (buses, trucks, industrial vehicles) as a priority alongside passenger cars. The electrification of France’s 60,000+ bus fleet and the development of a competitive European heavy vehicle battery supply chain are explicit France 2030 objectives, and Forsee Power is France’s most commercially advanced company in this segment.
France 2030 Funding & Projects
IPCEI Batteries connection: Forsee Power participates in the European IPCEI (Important Projects of Common European Interest) on Batteries — specifically for the battery system integration and module assembly that sits between cell manufacturing (ACC, Verkor) and vehicle integration (bus OEMs). France 2030 co-funds Forsee Power’s participation through Bpifrance investment programs specifically targeting French battery system manufacturers.
Electric bus program (France 2030 transport decarbonization): France’s transport decarbonization objectives include replacing diesel buses with electric alternatives across French urban transit networks (RATP Paris, TCL Lyon, Tisséo Toulouse, and 600+ provincial transit authorities). The France 2030 “Plan Bus Électrique” targets 50,000 electric buses by 2030. Forsee Power, as the primary French battery system supplier to Iveco Bus (which dominates French urban transit procurement), is the direct beneficiary of this public procurement program.
Bpifrance equity investment: Forsee Power received Bpifrance equity investment in pre-IPO rounds. Bpifrance’s shareholding at IPO provided credibility for the Euronext Growth listing and signals the company’s strategic classification as a French battery deep tech company worthy of public market development.
PULSE IoT platform (France 2030 digitalization): Forsee Power’s PULSE data platform — which collects battery performance data from deployed Forsee battery systems, analyzes degradation, and provides fleet operators with predictive maintenance intelligence — aligns with France 2030’s smart mobility and industrial IoT objectives. PULSE provides a data-as-a-service layer on top of battery hardware, creating recurring revenue from the installed base.
International manufacturing expansion (India, Czech Republic): France 2030 supports French industrial companies establishing manufacturing presences in strategic markets. Forsee Power’s Chennai (India) manufacturing facility — serving the growing Indian electric bus market — was partly enabled by the financial foundation that France 2030 support provided. The Nymburk (Czech Republic) facility serves Central European demand and benefits from France 2030’s emphasis on European battery supply chain localization.
Key Products & Technology
Smart Battery Systems (SBS): Forsee Power’s flagship product — complete battery pack systems for buses and industrial vehicles. SBS integrates:
- Battery cells (sourced from tier-1 Asian manufacturers): Samsung SDI, CATL, Panasonic, Envision AESC depending on customer requirements
- Battery Management System (BMS): Forsee Power proprietary electronics for cell balancing, state-of-charge/state-of-health monitoring, thermal management, and safety functions
- Thermal management system: Liquid cooling/heating to maintain optimal battery temperature across operating conditions
- Structural housing: Aluminum and composite enclosures designed for specific vehicle platforms
- Safety systems: Contactor management, fire suppression, short-circuit protection
- Communications: CAN bus, Ethernet, PULSE IoT connectivity
PULSE Digital Platform: Cloud-based battery monitoring and fleet management system. Connected to every deployed Forsee battery system, PULSE provides:
- Real-time state-of-charge and state-of-health monitoring
- Predictive maintenance alerts (when battery degradation exceeds threshold)
- Usage analytics (charge/discharge patterns, energy efficiency)
- Fleet operator dashboards (compare performance across vehicles) PULSE creates a SaaS-equivalent revenue stream from the installed base: annual subscription per battery system.
Modular architecture: Forsee Power designs battery systems with modular architecture — standard modules that can be reconfigured for different vehicle formats (different capacities, form factors). This modularity reduces per-unit engineering cost and enables faster customization for new OEM customers.
Commercial Operations
Primary market (Europe): Forsee Power’s largest segment. Key relationships:
- Iveco Bus: Primary integration partner for the Iveco E-WAY electric urban bus (dominant French and Southern European electric bus platform). Forsee supplies the complete battery system. Iveco E-WAY orders from French transit authorities (RATP, TCL, Tisséo) directly drive Forsee revenue.
- Irizar: Spanish premium bus manufacturer deploying Forsee battery systems in Spain and export markets.
- Heuliez Bus: French bus manufacturer (Iveco group subsidiary, specializing in articulated buses) using Forsee systems.
Emerging markets:
- India: Chennai manufacturing facility serving Olectra Greentech and other Indian electric bus operators.
- Japan: Partnership with Japanese industrial equipment manufacturer for heavy material handling applications.
- Czech Republic: Nymburk facility serving Central European demand (tram operators, Austrian/German bus manufacturers).
Financial Profile (Listed Company)
| Metric | Value | Notes |
|---|---|---|
| Ticker | FORSE (Euronext Growth) | Listed October 2021 |
| Revenue | ~€120M+ (2023) | Growing with electric bus deployments |
| Revenue growth | 20-40% YoY | Rapid electrification pull |
| Gross margin | ~20-25% | System integrator margins; hardware-heavy |
| EBITDA | Near breakeven → positive | Scale-up phase |
| Market cap | ~€50-100M | Euronext Growth, small cap |
| Employees | ~800 | France + CZ + India |
| Share float | ~30-40% | Gurtner family + institutional |
Key financial dynamics: Forsee Power’s business model is hardware-intensive (battery systems are physical products with significant material cost), creating lower gross margins than pure software businesses. The path to profitability requires revenue scale — as fixed costs are absorbed by higher volumes, operating leverage improves margins. PULSE’s SaaS revenue has higher margins and improves the blended margin profile as the installed base grows.
Leadership
Christophe Gurtner (CEO, founder) has led Forsee Power from inception through the Euronext Growth IPO — a significant milestone for a French battery company that demonstrates institutional investor confidence in the European heavy mobility electrification thesis. Gurtner’s background in energy and industrial technology (he co-founded Forsee after a career in energy storage and power electronics) provides domain expertise relevant to both the technology development and customer relationships (transit authorities, bus OEMs).
Competitive Landscape
Webasto (Germany, private): German automotive thermal management company that has expanded into bus battery systems. Competes for European bus OEM supply positions.
Akasol (Germany, acquired by BorgWarner): German bus/truck battery specialist, now part of BorgWarner’s power & propulsion division. More capital-intensive than Forsee but with BorgWarner’s global scale and relationships.
Toshiba / Leclanché (Switzerland): Legacy battery manufacturers with heavy vehicle applications. Less commercially aggressive than Forsee in European bus market.
Chinese battery integrators: BYD provides its own battery systems for BYD buses; CATL-backed integrators are entering European markets. Chinese competition is Forsee’s most significant medium-term threat — Chinese battery systems are cost-competitive and China is investing heavily in European bus market presence.
Investor Perspective
Forsee Power (FORSE) is France’s only listed pure-play battery systems company — a rare direct play on European public transit electrification that is investable through public equity markets. However, the company’s small market cap (~€50-100M) creates liquidity limitations for institutional investors, and the system integrator business model carries execution risk (dependent on Iveco Bus production volume, bus procurement cycles, and battery cell supply from Asian manufacturers).
The France 2030 “Plan Bus Électrique” is a genuine demand catalyst — 50,000 French electric buses by 2030 represents approximately €5-10B of battery system demand. Forsee Power is positioned to capture 20-40% of the French market = €1-4B of revenue over 2025-2030. The question is whether the company can scale manufacturing and maintain margins against Chinese competition.