DGAP-News: MOU for Major Increase in Production Capacity in Asia Signed
(firmenpresse) - iQ Power AG / Key word(s): Miscellaneous
22.11.2010 17:09
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iQ Power AG: MOU for Major Increase in Production Capacity in Asia Signed
- MOU signed for second production facility in Korea
- Investment volume of $200 million foreseen starting in 2012
- Increase in previously planned capacity by an additional 9 million
battery units per year
Zug/Switzerland, 22 November 2010 - In conjunction with an investor
conference, 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 decided to undertake a long-term
expansion of production capacity at the Gwangju location in South Korea.
The related memorandum of understanding (MOU) for a second manufacturing
facility was signed by iQ Power Asia Inc., iQ Power AG and the city of
Gwangju.
The city of Gwangju is offering to provide the related infrastructure, an
affordable piece of property, along with an unspecified amount of tax
breaks and subsidies. In return, iQ Power Asia Inc. intends to invest up to
$200 million over a period of several years. This investment project is
expected to begin subsequent to the expansion of the current plant in Korea
(starting in the year 2012). Talks regarding the funding are being held
with the current Korean shareholders and with new institutional investors
from the Asia region. No additional information can be provided at the
moment.
The investments pertain to manufacturing lines for producing batter plates,
as well as assembly and a logistics center. The batteries from the highly
automated manufacturing lines are earmarked for the Asian market and for
export. All together the expansion of capacity will enable an additional 9
million battery units per year and a future sales volume of up to $500
million per year. Both plants together are to be fully expanded for an
annual production rate of up to 15 million units. Together with the plant
in Rawang, Malaysia a total production capacity of 25.5 million batteries
with iQ technology is planned by year 2014.
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(at)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 3722
iQPower(at)gfei.de
www.gfei.de
22.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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(at)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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Datum: 22.11.2010 - 17:09 Uhr
Sprache: Deutsch
News-ID 32698
Anzahl Zeichen: 0
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Kategorie:
Business News
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