- Iranian partner is major company in non-ferrous metals and an automobile industry supplier
- Installation of a nationwide dealer network throughout Iran
Zug, Switzerland / Gwangju, Republic of Korea, 22 July 2016 – iQ Power Licensing AG (ISIN: CH0268536338; WKN/Security Number: A14M1C; Symbol: IQL) a developer and marketer of technologies for environmentally friendly and technologically innovative starter batteries for motor vehicles and licenses in these technologies, reports on a major addition to the distribution network of companies selling and promoting batteries with iQ Power technology.
iQ Power Licensing AG has signed an agreement with EBTEKAR MEHR APADANA GROUP (EMACO), Address No. 807, 8th floor, Shahab Tower, Vali-e-Asr Ave., Tehran, Iran, which is an experienced manufacturer and marketer of various non-ferrous metal products with a long tradition and experience in Iran and other countries. EMACO is one of the largest dealers for lead and lead recycled products in Iran. Currently EMACO supplies the national automobile manufacturers with parts produced at their copper fabrication plant.
EMACO has been granted an exclusive master distributorship in Iran for batteries using iQ Power technology. EMACO started right away with the establishment of a nationwide dealer network in order to sell batteries with iQ Power technology and collect used batteries. In addition, EMACO plans to market the batteries with iQ Power technology to their OEM customers.
The market for batteries in Iran is around eleven million per annum. The market is growing at around five to six per cent annually and with the lifting of trade sanctions may reach up to ten per cent growth short-term. There are talks taking place between many top automobile manufacturers and the Iranian government to start or expand production in the country. The starter battery market is divided between OEM automotive manufacturers with over two million units p.a. and aftermarket sales of about nine million units per year. Around 40 per cent of all batteries are imported, although high tariffs exists. Korean batteries are the number one imported battery in Iran. One of the major automobile manufacturers in Iran is the Korean company KIA which belongs to the Korean car maker Hyundai.
Bob Sullivan, CEO of iQ Power Licensing AG, stated: “We had talks with many different interested parties, but we chose to work with EMACO due to their marketing prowess, financial strength and deep connections not only in Iran but also in neighboring countries, especially in Islamic countries of the Ex-Soviet Union. Our agreement requires a large commitment of resources for marketing with aggressive targets to be achieved within the next twelve months.”
About the iQ Power Technology:
Batteries with iQ Power technology are designed to generate better performance in Start-Stop applications and to meet the growing demands of electronic usage in vehicles today. Electrolyte mixing is the first significant innovation to the flooded starter battery in decades. Automatic mixing of electrolyte inside the battery ensures uniform acid density for higher sustained performance throughout the entire life of the battery. This prolongs plate life by eliminating acid stratification and thermal gradients, delivering greater material utilization for a lower cost per cycle over conventional batteries. The patented technology was awarded the coveted Automechanika innovation award 1st prize in 2010.