Zug/Switzerland - 10 September 2020 (pta008/10.09.2020/08:00) - ,
iQ International AG (ISIN CH0451424300 / WKN A2PAA5 / Symbol IQL), a multinational Sustainable Technologies company publicly traded at the General Standard of the Frankfurt Stock Exchange with its global head office in Zug, Switzerland and North American headquarters in Scottsdale, Arizona, signed an MOU with the Indian company MODI Rubber Limited to create a JV battery factory in India.
After many months of collaboration with iQ International, on August 31, 2020 MODI Rubber Limited, a major multinational corporation in India, received approval from its Board of Directors to move forward with building and operating a battery factory in India utilizing iQ International's patented Advanced Battery Factory (ABF) battery production technologies. Modi recently announced this project in its press release.
The new factory of Modi will manufacture and the Joint Venture will sell the produced vehicle, storage and other batteries with iQ International's 360°Mixing technologies under the brand name "iQ Modi Batteries" and will be owned and operated by a Joint-Venture Company that will be financed and co-owned by both MODI and iQ International. Modi will use its best efforts to provide institutional debt for most of the cost of the project, and the balance will be paid 50-50 between the parties. iQ International will, through Joint Venture management, control and manage the operations of the Joint Venture, and the parties will collaborate on the distribution of produced batteries in the defined territories.
Modi Rubber Limited, which was incorporated in 1971, is a major manufacturer of automotive Tires & Tubes in technical collaboration with Continental A.G. of Germany.
The MOU with iQ was entered into after Modi carefully tested the iQ International battery technologies, believing that such batteries will be important and successful for the Asian market.
"This is an important partnership for iQ as we expand our global manufacturing footprint that is aiming to offer buyers and distributors with an international presence a single platform for efficient and consistent supply of uniform products" says Kevin T. Loman, CEO of iQ international AG.
iQ International AG
iQ International AG is a multinational sustainable technologies company listed at the General Standard of the Frankfurt Stock Exchange. The Company licenses parts of its IP portfolio, and manufactures/distributes highly efficient lead-acid batteries that meet the increased need for cycle life in today's global automotive and storage markets. Its award-winning innovative technology is used to create superior, long-lasting, OEM-approved Starting-Lighting-Ignition (SLI) batteries. Batteries with iQ International AG technologies are designed to generate better performance in today's highly electrified vehicles, particularly vehicles with the Start-Stop function. The Company's technologies have the potential to reduce the carbon footprint of the transportation industry, helping car makers meet the emissions reduction mandates. - For more information, visit www.iqint.com