COLUMBUS, Ohio - Forsee Power, a specialist in smart battery systems for sustainable electromobility, has announced its collaboration with BAE Systems (LON:BAES) to equip a Class 7 electric demonstration truck with its advanced FORSEE ZEN PLUS battery system in North America. This partnership aligns with Forsee Power's expansion in the U.S., where it has recently established its North American headquarters and a production facility in Columbus, Ohio.
BAE Systems, a provider of zero-emission powertrains for heavy-duty vehicles, has chosen Forsee Power's battery system for its Gen3 electric drive, which is part of a broader range of solutions that include battery electric and hydrogen fuel cell propulsion. The FORSEE ZEN PLUS battery system, which comprises three packs of the ZEN 77 PLUS, delivers 231 kWh, enabling an average range of 200 EV miles for the demonstration truck.
The new factory in Columbus will manufacture battery systems that comply with the Buy America Act, ensuring that Forsee Power's products meet the requirements for domestic procurement. The company's ZEN PLUS batteries boast a specific energy of 180 Wh/kg, allowing extended operation without frequent charging, and are designed to be compatible with various system voltages, facilitating integration into different electric powertrains.
With a commitment to sustainability, Forsee Power aims to become a key player in the electrification of light and heavy vehicles across North America. The company's batteries feature a cell selection and thermal management strategy that extends their cycle life, based on NMC lithium-ion cells with a projected lifetime of over 5,000 cycles. This contributes to a competitive total cost of ownership for commercial fleets.
Jay Deis, Vice President of North America at Forsee Power, expressed pride in the collaboration with BAE Systems and highlighted the rapidly growing electric truck market in the U.S., which is expected to expand from 3,000 units sold in 2022 to 70,000 by 2023. The production of Buy America compliant battery systems in Columbus is set to commence in early 2024.
This announcement is based on a press release statement from Forsee Power, which is also a leading provider of batteries for heavy-duty hydrogen vehicles in Europe and has equipped over 3,000 buses worldwide. The company's efforts in sustainable energy solutions have earned it a Gold medal from EcoVadis, a sustainability rating agency.
InvestingPro Insights
As Forsee Power advances its presence in the North American market with strategic partnerships and the establishment of a new production facility, current financial data from InvestingPro offers insights into the company's performance and prospects. According to recent metrics, Forsee Power has experienced a significant revenue growth of 64.8% over the last twelve months as of Q2 2023, indicating a robust expansion in its business operations. Despite not being profitable over the last twelve months, the company's liquid assets surpass its short-term obligations, suggesting a solid financial position to meet its immediate liabilities.
InvestingPro Tips for Forsee Power highlight the analysts' expectations of sales growth in the current year, which could be promising for potential investors considering the company's expansion initiatives. Furthermore, it's important to note that the company is trading near its 52-week low, which may present a buying opportunity for investors who believe in the company's long-term strategy and market position.
For those interested in a deeper analysis, InvestingPro provides additional tips on Forsee Power's financials and performance. With a special New Year sale offering up to 50% off, now is an opportune time to subscribe. Use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year subscription, and gain access to a wealth of financial data and insights.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.