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Zug, Switzerland / Gwanju, (pta019/23.09.2016/17:05) - ,
* Final equipment for capacity expansion installed on time
* 75% capacity increase as of October 2016
* Order book growing rapidly
Zug, Switzerland / Gwangju, 23 September 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 further significant production achievements in the factory of iQ Power Asia in South Korea.
iQ Power Licensing announces the completion of equipment installation at the factory, iQ Power Asia Inc., Gwangju, Republic of Korea. The expansion, which was announced further this year and which was scheduled to go into service in September, comprises several important new equipment additions to the current production line as well as the addition of a large number of storage racks to accommodate increased inventory of parts.
The additional equipment to the assembly line and improvements to the plate drying chambers will allow the factory to increase from 40.000 batteries per month to over 75.000 batteries per month.
The expansion is the first of two expansions planned for the near future. More important will be the addition of a second complete production line for large car and commercial vehicle truck batteries, which will allow for a further doubling of revenues.
The second line will allow greater efficiencies due less need to changeover the line for different sizes. The entire cost of the equipment of both expansions is being paid for solely by Discover Energy, the key licensee of iQ Power Licensing AG.
The factory is under great time pressure to fully utilize the extra capacity as the order book is full with orders for the cold season in North America. October will be a record month for production and further increases are anticipated in the following months as the workers become familiar with the equipment.
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, 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.
emitter: iQ Power Licensing AG
address: Metallstrasse 6, 6304 Zug
contact person: Dr. Eva Reuter
phone: +49 251 9801560
ISIN(s): CH0268536338 (share)
stock exchanges: open market in Berlin