x Abu Dhabi, UAESaturday 22 July 2017

Jump start for battery shares

SAN FRANCISCO // A highly successful public share offer on a lithium-ion battery company could pave the way for further investment in green technology companies, including eco-friendly car makers. A123 Systems Inc, a US-based lithium-ion battery company, saw its shares increase by 50 per cent on their first day of trading. A123 develops batteries for BMW, Chrysler and General Motors. The market for lithium-ion batteries is projected to be $32 million in 2009 but is expected to jump to $22 billion in 2015, according to A123's prospectus.