A French battery specialist has received €55 million (£48.7m) of financing to scale up its development of clean mobility solutions.

Foresee Power expects the funding, which it received from the European Investment Bank, Mitsui Co and Idinvest, to multiply its industrial capacities tenfold and accelerate the transition to low and zero emission public transport.

It says it will use the money to start mass production of smart battery systems in Europe and China, particularly for the bus, train, truck, boat and scooter electromobility markets.

The firm has also said it will hire 250 new staff in France by the end of 2021.

Christophe Gurtner, CEO of Forsee Power, said: “The Forsee Power Group wants to position itself among the big players of electromobility and this financing will allow us to propel ourselves into this flagship market that has been driving us for many years.”

• Foresee Power, Low Carbon, battery storage, clean, investment, mobility