- All conditions for the disbursement of the interim financing of $ 14 million have been fulfilled
- iQ Power Licensing acquires a 51% majority stake in an established Western European battery factory
- First funds to acquire majority of the EU battery manufacturer already paid
- Funds will serve new technologies and manufacturing facilities for the BFF Battery-Factory-of-the-Future concept, as well as building production for N4 Power's KinetiCharger anti-idle system of iQ Power's US amalgamation partner Engenavis Inc.
Zug, Switzerland, October 17, 2018 – iQ Power Licensing AG (ISIN: CH0268536338; WKN/Security Number: A14M1C; Symbol: IQL) a developer and marketer of green technologies for mobile power solutions and licenses in these technologies, announces the completion of a major multimillion USD financing deal. All prerequisites for financing have been met. This includes, in particular, the acquisition of the majority stake in a Western European battery manufacturer.
The USD 14 million financing follows the amalgamation of iQ Power Licensing with the US partner Engenavis Inc. of Delaware/USA. The current funding is a bridge loan until the completion of a much larger funding of a large double-digit or even triple-digit million USD funding.
The first funds for acquisition of a 51% majority stake in a West European battery manufacturer have already been paid. The company is an established manufacturer of automotive lead-acid batteries. The battery manufacturer is a well-reputed company with positive cash flow with an annual turnover between 20 million and 40 million Euros and a long-standing large customer base.
The majority stake in the company enables iQ Power to use the factory to implement its "Battery Factory of the Future" concept (BFF). The planned future investments in new processes, technologies and facilities will nearly triple the plant's capacity while greatly boosting profitability. At the same time, the plant will serve as a showcase for battery manufacturers worldwide.
The interim financing agreement also allows financing of the R&D work for and construction of several innovative battery manufacturing technologies (to be announced later), as well as installation of production capacity for the new anti-idle system KinetiCharger of N4 Power at iQ Power´s US amalgamation partner Engenavis.