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iQ Power Licensing AG publishes Annual Results 2016

  • Korean licensing partner is back to normal production operation, further expansion of production capacity
  • Revenue from license business more than doubled
  • First deliveries to automotive manufacturers (OEM) in Brazil
  • Earnings position from operating business improved by CHF 0.5 million
  • One-time accountable impairment loss in the rehabilitation phase of the Korean licensing partner

 

Zug, Switzerland, May 20, 2017 - iQ Power Licensing AG (ISIN: CH028536338, WKN: A14M1C, Symbol: iQL), the developer and marketer of technologies and their licenses for environmentally friendly and technologically leading starter batteries for motor vehicles, publishes the figures for the fiscal year 2016 and gives an overview of the current business situation.
 

Business Operations
In the year 2016, iQ Power Licensing AG continued its intensive collaboration with the new strategic partner Discover Energy Corporation (DEC) from Vancouver / Canada.

The strategic partner DEC intensified its commitment to the Korean licensing and production partner iQ Power Asia Inc. as well as to iQ Power Licensing AG through extensive financial investments in order to combine the iQ Power technology with the new DEC owned brand “Mixtech” for all major markets. In addition, Discover Energy Corporation made major investments in the expansion of the Korean plant and invested millions of dollars to stabilize and expand the production of the Korean factory. Discover Energy's commitment underscores the confidence of DEC in the future of iQ Power Licensing AG, its technology and the Korean factory, DEC is now the dominant shareholder in Korea and the largest single shareholder (18%) in iQ Power Licensing AG.

Great efforts and investments were made in 2016 to expand the product portfolio from nine battery models to 25 models. In addition to the new types of starter batteries, the Korean factory in 2016 focused on the introduction of a complete product line of commercial vehicle batteries for the North American market which will be launched in 2017. At present, the vast majority of batteries from the Korean license partner's production are sold in North America.

The year 2016 also marked the beginning of the production of the first batteries with iQ-Power technology for use by a major automobile manufacturer (OEM). Moura Baterias S.A. as the largest battery manufacturer on the South American continent, delivered the first batteries for OEM use. This was preceded by very long investment delays by automobile manufacturers in South America, caused by the economic and political crisis in Brazil.
 

Financial Results
Revenues from the operating business of iQ Power Licensing AG doubled in 2016 to CHF 0.63 million (2015: CHF 0.27 million). However, due to unforeseen production bottlenecks in the second half of 2016, IQPA was not able to keep pace with the rapidly growing orders. The increase in sales was therefore lower than originally expected. These bottlenecks were eliminated at the end of the second half of 2016 by corresponding investments in machinery and equipment.

The results from operations in 2016 showed an improvement of CHF 0.5 million compared to the previous year (2016: minus CHF 1.7 million versus 2015: minus CHF 2.2 million). The improvement is the result of higher revenues as well as lower costs for patents.

As already reported at the beginning of this year, the restructuring phase of the Korean licensing partner resulted in an dilution-related non-cash write-down of CHF 2.3 million (impairment loss) of the valuation of assets of the iQ Power Licensing AG in iQ Power Asia for the year 2016, which was necessary as part of the restructuring program. Details on this are explained in the company's annual report 2016. As a result, the total loss of the company for the year 2016 amounts to minus CHF 4.3 million (2015: minus CHF 2.5 million).

The equity of the company decreased from CHF 1.9 million to CHF 1.5 million at the end of the financial year. The decrease is primarily due to the accounting loss resulting from amortization of the asset values in iQ Power Asia Inc. as well as a lower than expected results from license revenues. The equity ratio remains satisfactory at 29% (2015: 38%). The liquidity of the company also remains satisfactory with a cash balance of CHF 0.9 million at the end of 2016.

The North American licensee began with a limited sales of batteries with iQ Power technology. However, the batteries were acquired by customers of Discover Energy in North America, which is why there is no additional license revenue from this limited business, since the revenues are included in the license payments from the Korean partner.
 

Outlook for 2017
Through intensive cooperation with the strategic partner Discover Energy and the establishment of a stable and efficient production as well as a growing sales of the Korean factory iQ Power Licensing AG has created a sustainable and rising sales base. The main focus of the activities in the first half of the year 2017 has been on the growth and stability of the licensee in Korea, as this is the fastest way to achieve rapid revenue growth. In addition to this, further activities are now being intensified during 2017 in order to tap additional new sources of income.

In January 2017, the first license fees were received from the Brazilian licensee. A moderate growth in these revenues is expected during the year. No significant revenue is expected by the licensee in North America for 2017.

Revenue from license revenues from the Korean licensing partner for 2017 will be significantly higher than in 2016, as the capacity of the plant continues to grow and expand. Management expects a positive operating cash flow in 2017. Overall, the management of iQ Power Licensing AG sees the developments in 2017 very positively.

 

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. It is the first significant innovation to the flooded starter battery in decades. Automatic mixing of electrolyte inside the battery by passive mixing elements ensures uniform acid density for higher sustained performance throughout the entire life of the battery, thus avoiding early loss of capacity (Ah) as usual with ordinary batteries. 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 and und became a first prize winner of the GreenTec Awards in 2017. – More under: www.iqpower.com/en

 

Download Summary Consolidated Financial Statements 2016

New Battery Technology receives Environmental `Oscar Award´

  • iQ Power Licensing AG given the Ecology-Oscar as Winner of the Green Tech Awards 2017 at a Gala Ceremony with many celebrities in Berlin
  • Innovation of passive electrolyte mixing in car batteries with great advantages for consumers and the environment.

Zug, Switzerland, 15 May 2017 – The winner of the GreenTec Awards 2017 is 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.

At a celebrity gala in Berlin, iQ Power Licensing AG was handed the prize as first-place winner of the environmental award in the category mobility.

A 70 person jury including industry experts voted the iQ Power technology as best innovation in the category mobility, which was sponsored by the large automobile supplier, Schaeffler AG.

The GreenTec Awards is the most important award for environmental-friendly innovation in Europe and worldwide ( http://www.greentec-awards.com/en )

Over 600 celebrities from film, television, music as well as many high ranking industrial and political leaders attended the ceremony.

Partner country was Canada, which is home to the strategic partner, Discover Energy Corporation.

Discover Energy is now selling batteries with the patented iQ Power technology in Europe under the brand name MIXTECH.

Through the use of simple plastic parts, the life-time of the battery can be doubled, thereby reducing not only cost of ownership but also saving resources.
 

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. It is the first significant innovation to the flooded starter battery in decades. Automatic mixing of electrolyte inside the battery by passive mixing elements ensures uniform acid density for higher sustained performance throughout the entire life of the battery, thus avoiding early loss of capacity (Ah) as usual with ordinary batteries. 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. – More under: www.iqpower.com/en

 

Picture:
Prof. Dr. Tim Hosenfeldt (2nd left), Director of Innovation at Schaeffler AG, CEO of iQ Power Licensing AG (right) and Board Members, Bernhard J. Rose (left), Darwin Sauer (center) und Won-Lak Choi.

New Battery Technology of iQ Power Licensing AG awarded WINNER of the `Environmental Oscar´

  • German Association of the Automotive Industry VDA hands over the winner's certificate for the GreenTec Awards 2017 to iQ Power Licensing AG in the category 'Mobility by Schaeffler`.
  • The GreenTec Awards is the most regarded prize for innovations in the field of environmental protection and sustainability.
  • Innovation of passive electrolyte mixing in car batteries with great advantages for consumers and the environment.
  • Double service life and lower CO2 footprint.

Zug, Switzerland, 13 April 2017 – The winner of the GreenTec Awards 2017 is 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. The company is this year´s winner in the category 'Mobility by Schaeffler'. Sponsorship for the category 'Mobility by Schaeffler' lies with the German Association of the Automotive Industry VDA.

"We are excited about this outstanding award," commented Bob Sullivan, CEO of iQ Power Licensing AG. "The coveted prize of the GreenTec Awards is like a Grammy or Oscar for environmental protection and sustainability," emphasized Sullivan the importance of the award which was handed out to the Company in Berlin yesterday.

This award is highly valuable, as the winner was chosen by a Jury of industry and environmental experts and is based on sound ecological and economical principles. This new award is the 3rd award for the technology following the first prize of the conveted `Automechanika Innovation Award´ of experts as well as a first prize of the general public of the German TV program ´Simply Brilliant´.

The award was presented yesterday in Berlin to the CEO of iQ Power Licensing AG, Charles Robert Sullivan, by Matthias Krähling, Senior Manager at the German Association of the Automotive Industry VDA together with Prof. Dr. Tim Hosenfeldt, Head of Central Innovation at the automotive supplier group Schaeffler AG and his colleague Hans-Christian Maass, as well as Sven Krüger, co-founder of the GreenTec Awards.

In his laudation, Matthias Krähling of the VDA emphasized the high efficiency and benefit of the technology on product life and cycle numbers of starter batteries, while simultaneously applies a brilliant simple technical principle.

The decision of the jury confirms the significant advantages of the iQ Power innovation for the automotive market and the automotive industry, whose efforts are to use technologies with high user advantages, cost savings and less CO2 emissions as well as advantages in sustainability.

The innovation of iQ Power Licensing of electrolyte mixing in flooded car batteries is characterized by a double product life of starter batteries compared to conventional products and results in a much smaller CO2 footprint (www.iqpower.de/en/content/ecology).

"The new award will definitely give our technology momentum for strong product sales of our licensee partners as well as increased future license sales”, stated Sullivan.

Advantages of the innovation for consumers and the environment
The innovation is based on non-moving (passive) plastic components in the battery, so called passive mixing elements. Coupled with the forces from the vehicle dynamics while driving, these components provide automatic and efficient 360-degree electrolyte circulation and full electrolyte mixing within in the battery. The advantages: No loss of capacity (Ah) of the battery due to harmful acid stratification as usual with ordinary car batteries and thus powerful and steady functioning of the electrochemistry in the battery by a homogeneous electrolyte. The benefits: minimal costs and maximum advantages for consumers and the environment such as double service life, high reliability and much less CO2 emissions as well as less lead in the total raw material cycle over time (www.iqpower.com/en/content/technology).

The GreenTec Awards are the most important environmental awards. The prestigious prize is given annually to outstanding innovations in the field of environmental protection and sustainability in over ten different categories.

Well-established media partners support the GreenTec Awards in providing a platform for green technologies and thus attract maximal public attention. The final award ceremony with a stunning gala will take place on 12 May 2017 in Berlin with some 600 guests from the worlds of business, politics, show biz and the press. This year´s partner country is Canada.
 

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. It is the first significant innovation to the flooded starter battery in decades. Automatic mixing of electrolyte inside the battery by passive mixing elements ensures uniform acid density for higher sustained performance throughout the entire life of the battery, thus avoiding early loss of capacity (Ah) as usual with ordinary batteries. 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 and und became a first prize winner of the GreenTec Awards in 2017.

 

Caption:
In a pre-ceremony the GreenTec Winner Award Mobility 2017 was presented to Charles Robert Sullivan (middle) and Steffen Tschirch (m. right) of iQ Power Licensing AG by Matthias Krähling (right) and Prof. Dr. Tim Hosenfeldt (m.left) together with Sven Krüger (left) in Berlin´s Factory, a community of innovators. The innovative technology is applied, among others, in MIXTECH car batteries of Discover Battery. A glamorous gala for all winners of the eleven different categories of the award will follow on May 12 in Berlin.

Discover Energy Group increases share in iQ Power Licensing AG

  • The Discover Energy Group executes mandatory convertible bond of EUR 2.56 million in iQ Power Licensing AG
  • Discover Energy Group (DEG) converts the approved and reported mandatory convertible bond in the amount of EUR 2.56 million including interest on April 30, 2017.
  • Growing commitment of the Discover Energy Group increases their stake in iQ Power Licensing AG (IQPLAG) from around 7 percent to 18.5 percent
  • The increased shares owned by DEG also strengthens the equity base of IQPLAG

 

Zug, Switzerland, 07 April 2017 – 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, announces a substantial strong commitment from its strategic partner Discover Energy towards iQ Power Licensing AG.

The Discover Energy Group (DEG), as a strategic partner and investor in iQ Power Licensing AG, has subscribed a mandatory convertible bond in the amount of EUR 2,552,500 approved and reported by the Board of Directors of iQ Power Licensing AG (IQPLAG) in mid-January this year. The subscription reiterates the strong commitment of the Discover Energy Group to iQ Power Licensing AG. As agreed, DEC will convert the subscribed bond on 30 April 2017. At the same time, the share of DEG in iQ Power Licensing AG increases from just under 7 percent to 18.5 percent.

In mid-January this year iQ Power Licensing AG reported on the application of the Discover Energy Group to the convertible bond as well as its approval by the Board of Directors. The terms are identical to those of the existing convertible bond with a conversion price of EUR 0.06 per share.

By subscribing the bond and its subsequent conversion, the Discover Energy Group not only significantly strengthens its commitment in iQ Power Licensing AG but at the same time enforces the equity base of the Swiss company.

Bob Sullivan, CEO of iQ Power Licensing AG, welcomes the increased commitment of the Discover Energy Group as a strategic partner. At the same time, Sullivan stressed that any other capital increase in 2017 is not planned.

 

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. It is the first significant innovation to the flooded starter battery in decades. Automatic mixing of electrolyte inside the battery by passive mixing elements ensures uniform acid density for higher sustained performance throughout the entire life of the battery, thus avoiding early loss of capacity (Ah) as usual with ordinary batteries. 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. – More under: www.iqpower.com/en

CEO purchases further Convertible Bonds

  • CEO purchases further € 50'000 of Convertible Bonds
  • The CEO has recently acquired bonds worth a total of € 200'000
  • Purchase underscores the confidence of the overall positive developments

Zug, Switzerland, 04 April 2017 - 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, announces that the CEO of iQ Power Licensing, Bob Sullivan, has purchased more convertible bonds of the company from a private investor. CEO Sullivan purchased bonds of iQ Power Licensing AG worth € 50'000 at a premium to nominal value. As a result, the CEO has recently acquired bonds worth a total of € 200'000. As a result of this purchase Bob Sullivan underscores again his confidence of the overall positive developments of iQ Power Licensing.