iQ Power AG / Key word(s): Miscellaneous
17.09.2010 11:10
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iQ Power AG: Production of Lead Plates Begins in Malaysia
- Production in Malaysia enables manufacturing partners in Europe to
increase battery output
- Export still set to begin in September 2010
- Capacity expansion ensures the ability to fulfill future orders
Zug/Switzerland, 17 September 2010 - iQ Power AG (ISIN: CH0020609688,
WKN: A0DQVL, Symbol: IQPB), the developer and marketer of eco-friendly and
technologically advanced starter batteries for motor vehicles, has reported
the start of lead plate production at the manufacturing plant in Malaysia.
Following extensive modernization work and investments in new systems by KG
Power, the Korean venture partner and plant owner, the facility has now
begun the ongoing production of lead plates for export.
iQ Power AG is pleased to announce the start of lead plate production in
Asia on the heels of the 16 September announcement of an agreement being
signed with Smart Battery Inc. for entry into the U.S. and North American
markets. Experts from iQ Power will be on site at the plant to ensure that
iQ Power's strict quality specifications are met.
At the same time, the facility in Malaysia has also begun manufacturing
lead plates for Asian battery sizes, which are designated for iQ Power
Asia's battery plant in Korea. iQ Power Asia will be the primary customer
for lead plates from KG Power Malaysia. iQ Power Asia's battery plant in
Gwangju, Korea will begin manufacturing batteries in fourth quarter 2010.
The lead plates for DIN-formatted batteries that began being produced this
week at KG Power Malaysia are earmarked for export to Europe and will not
only increase the production capacity of iQ Power's battery manufacturing
partners ahead of the upcoming battery season, but also enable them to
respond to the continuously growing number of orders coming in.
'We are simply delighted that we can now let everyone know about the start
of battery plate production in Malaysia, especially after having
successfully signed the agreement in the United States,' said Charles
Robert Sullivan, the CEO of iQ Power AG. 'This puts us in a position to
significantly increase our battery production figures and meet the growing
demand for our innovative ECO batteries. This start-up of production in
Malaysia largely validates our internationalization and expansion
strategy,' emphasized Sullivan.
The CEO
About iQ POWER
iQ Power AG is a developer and supplier of innovative starter batteries for
motor vehicles. The products are technologically advanced, deliver greater
efficiency, and are environmentally sound and lighter in weight. The
company's many achievements include the development of the world's first
software-controlled smart car battery. Industrial batteries and system
solutions for electrical energy management in vehicles help round out its
operational portfolio.
The company's operational element is iQ Power GmbH in Chemnitz (Germany),
which is a wholly owned subsidiary of iQ Power AG. Headquartered in Zug
(Switzerland), iQ Power AG is a publicly listed stock corporation whose
shares are traded on the regulated market (General Standard segment) of the
Frankfurt Stock Exchange, over the counter on the securities exchanges in
Berlin, Düsseldorf, Munich and Stuttgart, as well as on Xetra (ISIN:
CH0020609688, WKN: A0DQVL, IQPB).
Contact:
Company Contact:
iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Tel.: +41(0) 41 768 03 63
Fax: +41(0) 41 768 03 68
info@iqpower.com
www.iqpower.com
Investor Relations Contact:
GFEI Aktiengesellschaft
Hamburger Allee 26-28
D-60486 Frankfurt am Main
Tel.: +49 (0)69 - 74 30 37 00
Fax: +49 (0)69 - 74 30 37 22
iQPower@gfei.de
www.gfei.de
17.09.2010 11:10 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Phone: +41 41 7680360
Fax: +41 41 768 03 68
E-mail: investor-relations@iqpower.com
Internet: www.iqpower.com
ISIN: CH0020609688
WKN: A0DQVL
Listed: Regulierter Markt in Frankfurt; Freiverkehr in München,
Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
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DGAP-News: iQ Power AG:
| Source: EQS Group AG