Mitsui to invest in NEoT Capital, turnkey service provider to accelerate Energy Transition

Nov. 7, 2023

Mitsui & Co., Ltd.
Forsee Power S.A.
NEoT Capital SAS

Mitsui & Co., Ltd. (Mitsui) is joining forces with historical shareholders EDF, via its corporate venture capital EDF Pulse Ventures, and Forsee Power to create a strong and long-term team of top tier shareholders of NEoT Capital (NEoT), a first mover company fully dedicated to providing turnkey services to accelerate energy transition. The 3 partners, bringing together a shareholder base with complementary expertise and capacities, will each hold equal shares of the company's capital.

Created in 2017 by industrial leaders Forsee Power and EDF, NEoT supports the development of low carbon emission equipment embarking batteries, as a key enabler for the energy transition to low carbon emission mobility and off grid distributed energy generation solutions.
Supported by a seasoned team combining expertise in battery technologies, in structured finance with deep market knowledge, NEoT intends to propose, especially in the electromobility segment, global turnkey solutions including financing and asset management services for various types of clients – B2B, B2C, and B2G. These solutions, which can range from Battery-as-a-service, Charging-as-a-service to full turnkey E-mobility-as-a-service, or Energy access-as-a-service for remote locations, aim at removing the major barriers, like high Capex or technological risks on battery ageing, so far preventing from fast development and scaling.

To fulfil this objective, NEoT gathers top tier investors around its vision to create and manage investment platforms that provide the financing services and invest into the associated assets.
NEoT has created and now manages two platforms, NEoT Green Mobility supported by 3i, Mirova, Banque des Territoires and EDF to finance low carbon emission mobility in Europe, and NEoT Off Grid Africa supported by Meridiam and EDF to finance low carbon emission decentralized off-grid energy solutions in rural areas in Africa. NEoT currently manages around €150m of assets like ebuses, etrucks, charging stations, ships, or minigrids and Solar Home System. It represents today more than 350 vehicles and batteries, more than 6,000 charging points, 65 mini-grids and 34,000 solar home systems, and globally 120MWh of battery capacity deployed throughout Europe and Africa, and its footprint is growing fast.

This transaction will bring a strong boost to NEoT over the next years by bringing the necessary additional financial means but also the support of Mitsui with its worldwide business network, capacity to identify opportunities and structure projects. Together with EDF and Forsee Power, they will accelerate the strategic development of NEoT addressing new sectors and new geographies.

Hiromu Kayamori, General Manager of Sustainability Impact Division at Mitsui: "Global Energy Transition" is one of the Key Strategic Initiatives of our Medium-term Management Plan 2026 and our participation to NEoT will further strengthen our business portfolio in battery industry, in the context of providing turnkey solutions to accelerate decarbonization. Mitsui will work with NEoT Capital to play an important role in creating a sustainable battery ecosystem, where Mitsui will fully leverage its wide industrial coverage and business functions throughout the battery value-chain, including battery raw material, reuse of EV battery and battery recycling.

Christophe Gurtner, CEO at Forsee Power and Chairman of NEoT: "The presence of Mitsui in the capital will be a great asset in the development of NEoT. They are a very strategic player in the energy and electromobility fields – with participations in hundreds of companies and projects worldwide all along the value chains – which combined with their expertise in complex financing and asset management will give NEoT even more access to decarbonization projects to finance in the future".

Julien Villeret, Chief Innovation Officer at EDF group: "EDF believes that financing is a crucial challenge for the energy transition and that the market needs key players who combine technical expertise and financial skills. That is why we invested in NEoT back in 2017. Today, we are very pleased to welcome Mitsui as a new shareholder of NEoT, which validates our vision and will support NEoT growth."

Philippe Ringenbach, CEO of NEoT Capital: "We are delighted to welcome Mitsui into NEoT alongside historical founders Forsee Power and EDF. This investment of Mitsui validates our strategy and our value proposition. We have now a dream team of long-term industrial players that will help us accelerate our international development and address the multiple decarbonization challenges in transportation, meaning providing financial and asset management services for mobility vehicles and batteries, charging infrastructure including their energy sources and even taking care of battery recycling at the end".

Creation of "battery ecosystem" through Battery-as-a-Service

Company Profile

Official name NEoT Capital SAS
Head Office Location Paris, France
Established 2017
Representative Philippe Ringenbach
Number of employees 15
Business Activities Asset management service for electric mobility and distributed renewable energy for off-grid regions.

Electric Bus with Forsee Power batteries, asset-managed by NEoT.Electric Bus with Forsee Power batteries, asset-managed by NEoT.

Mitsui’s Materiality

“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Create an eco-friendly society”

  • Secure sustainable supply of essential products

    Secure sustainable supply of essential products

  • Enhance quality of life

    Enhance quality of life

  • Create an eco-friendly society

    Create an eco-friendly society

  • Develop talent leading to value creation

    Develop talent leading to value creation

  • Build an organization with integrity

    Build an organization with integrity


For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
Facsimile: +81-3-3285-9819
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