- Strongly expanded new product program
- New customers in Gulf Region and elsewhere
- Negotiations continue for Revitalization of South Korean factory
Zug / Gwangju, South Korea, 01 December 2015 – 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, gives a status update on its Korean license partner iQ Power Asia Inc.
New and expanded product program
iQ Power Asia announces the introduction of two additional battery models for the European and North American market. The additional battery sizes are two of the top 5 batteries sold in Europe and North America. In addition, the two largest selling sizes in North America are on schedule to introduce in December. The new sizes will be the top seller for iQ Power’s strategic partner Discover Energy in North America in 2016 and beyond.
In late December and early January, a complete new series of DIN European passenger car battery plastic cover and cases including the corresponding iQ Power electrolyte mixing units will be introduced. The new series of plastic parts are compatible with the EFB batteries used in start-stop vehicles. In addition, all battery models will be available with the hydrometer, commonly known as the magic eye, which is very popular in developing countries. Due to many further improvements and the introduction of even more models than originally planned, the completion of this round of new models was delayed one month from early December to early January. With the introductions, the total number of new battery models will now increase from 9 to a widely expanded number of 35 models. This all happened within a space of the last 6 months only. The widely increased number of battery types will be the key driver for expanded sales.
Development work is continuing for improved battery lead plate performance and new types of battery plates for start-stop engines and recreational vehicles. iQ Power Asia is working with many leading European and American chemical companies to find the optimal balance between power output and lifetime capacity for demanding applications.
Growing number of major customers
Supply contracts were signed with 3 major battery distributors in the Middle East. The distributors ship products to an area stretching from Iran to East Africa. In addition, two new distributors were added in Nigeria, bringing the total number of distributors to 3 in that country.
The number of distributors in North America supplied by Discover Energy continues also to grow. The latest additions include one of the largest distributors on the East Coast.
Progress in negotiations in South Korea
The Revitalization efforts for the restructuring of the Korean factory continue despite difficult but constructive negotiations with the major bank creditor. Due to the progress shown in the negotiations, the presiding court has tentatively decided to hold the decisive creditors meeting on 11-January-2016, in order to give time to all parties to reach an amicable agreement. Originally the creditors’ meeting was scheduled for 30-November-2015. It is recognized by the court that it is in the interest of all parties that the good progress at the factory should continue unabated.
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.