iQ Power AG / Key word(s): Miscellaneous
01.10.2010 19:38
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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iQ Power Announces Plant Opening in South Korea
- Initial production of some 360,000 batteries in iQ Power Asia's Gwangju
plant targeted for 1st quarter 2011
- Plans call for expanded capacity in 2011 and a proprietary battery
plate manufacturing capability in 2012
- KG Power Malaysia to supply lead plates
- Daewoo International will be the primary buyer of the produced
batteries, and also holds a 20 percent share in iQ Power Asia Inc.
Zug/Switzerland, 1 October 2010 - iQ Power AG (ISIN: CH0020609688, WKN:
A0DQVL, Symbol: IQPB), the developer and marketer of eco-friendly and
technologically leading starter batteries for motor vehicles, has announced
the impending opening of iQ Power Asia's plant in Gwangju, South Korea.
The mayor of the city of Gwangju will open iQ Power Asia's new plant during
an inaugural ceremony to be held on 5 November 2010. Numerous high-ranking
politicians and government officials will join the members of the iQ Power
AG board of directors at this important event for the region.
Once manufacturing is established in the 4th quarter of this year, the
plant's initial production capacity will reach approximately 360,000
batteries in 1st quarter 2011. Production capacity is planned to be
expanded to 300,000 units per month over the course of the 2011 year. The
production lines needed to do this have already been ordered. Plans also
call for the installation of the company's own lead plate manufacturing
capability in 2012.
The battery plates currently needed for manufacturing batteries will be
provided by KG Power Malaysia's supplier plant in Rawang. This plant
initiated lead plate production a few weeks ago and will begin assembling
batteries with iQ Power technology in the coming year.
The Korean trading and investment company Daewoo International of Seoul
will be the primary customer for these innovative batteries and holds a 20
percent shareholding in iQ Power Asia Inc. iQ Power AG holds a 32 percent
interest in iQ Power Asia. Daewoo International is the leading independent
exporter of automobile parts and accessories in South Korea and employs
more than 15,000 people in over 50 countries throughout the world. The
group even established a special division for marketing these innovative
batteries featuring the technology that iQ Power developed.
iQ Power AG will receive licensing fees for each battery unit sold that
originates from the manufacturing at the two named plants in South Korea
and Malaysia. These amount to EUR 1.00 for batteries of type ECO, and EUR
2.00 for batteries of type COLD with integrated thermal management.
'After the recent launch of lead plate manufacturing at the plant in
Malaysia, I am now especially delighted about the impending start of
production of iQ batteries at the Gwangju plant in South Korea,' said
Charles Robert Sullivan, the CEO of iQ Power. 'The onset of manufacturing
at these two plants has opened the way for the worldwide marketing of these
batteries with our innovative iQ Power technology.'
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).
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
01.10.2010 19:38 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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-Adhoc: iQ Power Announces Plant Opening in South Korea
| Source: EQS Group AG