- Agreement reached for an iQ Power technology license and the consultancy and project management for new leading edge automotive battery factory
- Integrated battery production and recycling plant with industrial company in the Middle East
Zug, Switzerland, 23 January 2018 – 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, announces an important development of interest to investors.
An agreement was reached with an experienced, privately-owned industrial company in the Middle East for an iQ Power technology license and consultancy for a new leading edge automotive battery factory. The agreement was reached already in late Dezember but announcement was held back due to uncertainty with local authorites. This uncertainty has been resolved today.
Construction of the new plant is already underway at the future factory location with building completion scheduled for the 2nd half 2018 and start of production in 2019.
The agreement, which is valid now, but can be rescinded if conditions dictated in the contract are not fulfilled, including the final approval of the iQ Power Licensing AG Board of Directors. Fulfillment of all conditions should be completed in March or April 2018, at which time, more details regarding the project will be released.
The agreement encompasses consulting and project management for the equipment and operation of an integrated leading edge lead-acid battery production including a recycling factory for used lead-acid batteries. After completion in 2019, the factory will be the most modern and most environmentally-friendly factory of its kind in the world. Several new technologies will be introduced for the first time, as well as many enhancements to state-of-the-art manufacturing methods.
Cornerstone of the battery factory will be the award-winning revolutionary iQ Power passive 360° electrolyte mixing technology, which has been proven to double the cycle life of flooded lead-acid starter batteries. The factory will provide advanced lead acid batteries for both passenger car and commercial vehicles. The factory is scheduled to produce 2 million batteries per year with expansion at a later date.
Environmental and economical savings will be achieved through the close integration of the lead-acid battery production under the same roof as the used lead acid battery recycling. The lead acid recycling factory will have a capacity for 30’000 metric tons of high quality lead per year.
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. It is the first significant innovation to the flooded starter battery in decades. Automatic mixing of electrolyte inside the battery by passive mixing elements ensures uniform acid density for higher sustained performance throughout the entire life of the battery, thus avoiding early loss of capacity (Ah) as usual with ordinary batteries. 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 and und became a first prize winner of the GreenTec Awards in 2017. – More under: www.iqpower.com/en