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Bollore firm goes public to show off electric car battery tech

(Reuters) – French electric car battery maker Blue Solutions (BLUE.PA) set a 14.50 euro price tag on shares in its planned stock market flotation, valuing the company at 418 million euros ($575.6 million) in a move geared to raise awareness of its technology.

The company, which belongs to French billionaire Vincent Bollore’s own holding group (BOLL.PA), says the aim of the flotation of a 10 percent stake worth some 42 million euros isn’t intended to raise development cash, since this will come from the parent.

The group says it wants to draw attention to its proprietary lithium-metal-polymer (LMP) battery which it has protected with over 400 patents and which it touts as an important step forward in electric propulsion.

“We don’t need money, we do this to be known,” said Chief Executive Gilles Alix at an event in Frankfurt ahead of the listing, due on Wednesday. He cited a commitment from the Bollore group to financially back the company until 2016.

The issue price of Blue Solutions, whose batteries power vehicles used by the Autolib car-sharing scheme in Paris, is at the top end of the previously indicated 12 to 14.50 euro per share range.


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