Bollore beefs up car battery productio

PARIS, March 6 (Reuters) - Financier Vincent Bollore, who is developing an electric car with power giant EDF (EDF.PA: Quote, Profile , Research), has bought the assets of Canadian manufacturer Avestor to beef up his group's battery production business.

Financial terms were not disclosed.

The acquisition includes intellectual property, buildings, research and development material and a 130,000 square feet production site in Boucherville near Montreal, a Bollore Group statement said.

Around 50 people previously employed by Avestor will continue to develop Lithium-Metal-Polymer (LMP) battery technology under the responsibility of BatScap, the subsidiary owned 95 percent by Bollore and 5 percent by EDF.
BatScap batteries already equip Bollore's BlueCar, which will be exhibited at the Geneva Motor show this week.

The Bollore group, which already has a battery factory near Guimper in Brittany, plans to build a second plant also in Brittany with production capacity of 10,000 batteries a year.

Original news
http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2007-03-06T090041Z_01_L06364489_RTRIDST_0_AUTOSHOW-BOLLORE.XML&rpc=66&type=qcna

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