Forsee Power aims to return to growth by focusing on Europe, Asia, and North America, with a newly opened Columbus, Ohio plant enabling the group to address North American market needs while complying with Buy America requirements. The company has a commercial pipeline of €1.2 billion, supporting expectations of progressive recovery from the end of 2026.
Cyborg Score Rationale
The company faces reduced market visibility due to geopolitical uncertainty and heightened competitive pressure from Asian players, with fourth-quarter 2025 revenue impacted by postponed projects particularly in North America. However, adjusted EBITDA was positive in 2024 for the first time in the company's history at €0.8 million.
Top Insights
Forsee Power transferred its listing to Euronext Growth Paris market on February 16, 2026, a more suitable environment for its size and growth profile.
The company achieved positive adjusted EBITDA in 2024 (€0.8M) after years of losses, demonstrating operational improvement.
Forsee Power is diversifying into off-highway and mining applications, partnering with KGHM, Europe's largest copper producer, to equip electric mining vehicles.
Market challenges include sharp drops in cell prices, delays in major programs particularly in US, Japan and rail, and increased Asian competition.
Named Competitors
Battery Management Systems — Chinese EV battery market leader
Battery Management Systems — Chinese EV battery and vehicle manufacturer
Battery Management Systems — Korean advanced battery technology provider
Recent Developments
(February 2026) Transfer to Euronext Growth Paris market completed
(January 2026) Achieved €121 million revenue in 2025, in line with targets
(December 2025) Mexican integrator MegaFlux selected FORSEE ZEN LFP system
(November 2025) Appointed Philippe Platon as Chief Financial Officer
Open the full interactive Forsee Power report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.