iQ Power AG / Alliance
07.05.2008
Release 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.
---------------------------------------------------------------------------
Zug, 7 May 2008 - iQ Power AG (ISIN: CH0020609688, German WKN: A0DQVL,
Symbol: IQPB) and General Storage Battery Limited (GSB), Taiyuan / People's
Republic of China, have announced that they will be collaborating in the
production, supply and marketing of vehicle and industrial batteries. The
two companies have signed a related agreement to this effect. The
collaboration with GSB assures iQ Power the needed supply capability for
entering the European mass market for starter batteries - both those with
iQ Power's proprietarily developed iQ Technology and those built to
conventional standards. The tremendous manufacturing capacity that was
gained complements the availability of batteries from the two current
cooperating partners SEACC and LEVO in Italy and Switzerland.
iQ Power will be opening up an additional business line in Europe with the
sales of these high-quality industrial batteries made in China.
iQ Power will also gain significant overall cost benefits through this
partnership with GSB.
GSB ranks itself the fourth-largest Chinese battery maker with a current
annual capacity of some three million batteries. The company plans to
expand its capacity this year by an additional three million units. This
extremely modern company stands out through strongly growing sales with
increasing exports to North America, Asia and Europe. It also maintains
high standards of quality that also meet the demands of the European
automotive industry.
This collaboration with GSB marks yet another important milestone for iQ
Power. Just this past week the company signed a preliminary agreement with
the South Korean DAEWOO International Corporation for the sales, production
and licensing of energy-storage systems on the basis of iQ Technology.
Peter Krumhoff, investor-relations@iqpower.com; +41.41.76 66 - 926
07.05.2008 Financial News transmitted by DGAP
---------------------------------------------------------------------------
Language: English
Issuer: iQ Power AG
Baarer Strasse 137
6300 Zug
Schweiz
Phone: +41 41 7666 926
Fax: +41 41 7666 940
E-mail: investor-relations@iqpower.com
Internet: www.iqpower.com
ISIN: CH0020609688
WKN: A0DQVL
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Stuttgart, Düsseldorf
End of News DGAP News-Service
---------------------------------------------------------------------------