Axeon rebounds on £17m deal

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Axeon rebounds on £17m deal

Created:: 13 May 2008
Written by:: Graeme Davies

Battery technology developer Axeon has signed a £17.3m deal to supply a minimum of 1,000 lithium-ion battery packs to electric vehicle developer Allied Vehicles for its Zev subsidiary. Zev is developing a 3.5 tonne delivery vehicle with Peugeot.

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SHARE TIP UPDATE

Buy

With little news in recent months, Axeon's shares have suffered - but they rose 20 per cent in response to this deal. The shares remain well down on our buy recommendation (95p 28 December 2007) but, at 65p, we reiterate our earlier advice. Buy.

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-IC-1.3.2-prod - 22/08/2008 11:48:26 - FurseJ