Release date: 16 February 2021
Promoter – Financial Intermediary
FORSEE POWER SASLocation
Description
Technological and know-how development, manufacturing capacities expansion, incremental working capital and deployment of marketing and sales forces by 2025 in the EU by an innovative late-stage midcap company for innovative battery systems for e-mobility (buses, trains & trams, marine vessels).
Objectives
The project includes: (i) the development of new battery systems in order to widen Forsee Power's product portfolio and address new market segments, (ii) the ramp-up of the company's manufacturing capacities in Europe, (iii) the commercial effort to gain market shares, and (iv) the financing of the working capital induced by the sharp increase of the Company's activity. As such, the activities fall within the scope of the European Growth Finance facility and corresponds to following priorities of the European Union: The support of fast-growing innovative European SMEs/mid-caps, and the support of RDI and digitisation in the field of li-ion batteries. The project also contributes to the deployment of innovative battery systems and thereby to the transformation of the transport sector towards zero carbon emissions. Batteries have been identified as a strategic value chain, where the EU must step up investment and innovation in the context of a strengthened industrial policy strategy aimed at building a globally integrated, sustainable and competitive industrial base (European Council Conclusions, 21-22 March 2019). The EC's Strategic Action Plan on Batteries states that to prevent a technological dependence on our competitors and capitalise on the job, growth and investment potential of batteries, Europe has to move fast in the global race to consolidate technological and industrial leadership along the entire value chain.
Sector(s)
- Industry - Manufacturing
Proposed EIB finance (Approximate amount)
EUR 50 million
Total cost (Approximate amount)
EUR 100 million
Environmental aspects
The activities concerned include R&D, design and development of hard and software, the installation of semi-automatic and automatic lines for the assembly of battery cells into packs and packs into battery systems. The activities are not expected to generate any hazardous effluents or emissions. The investment and business activities are not listed in any annexes of the EIA Directive 2014/52/EU amending the EIA Directive 2011/92/EU. The equipment will be deployed in existing facilities, already authorised and in use, that will not materially change in scope. As such, the proposed investment programme does not require an Environmental Impact Assessment.
Procurement
The promoter is a private company, not operating in the utilities sector and does not have the status of a contracting authority; thus the project is not covered by EU directives on procurement. However, the promoter's procurement procedures are expected to be in line with the EIB guidelines for private sector projects. The Bank's services verified details during the project due diligence.
Status
Signed - 21/12/2020
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).