iQ International AG’s Batteries Gaining Significant Market Share in Challenging United Arab Emirates Taxi Application
Zug/Switzerland - 25 July 2019 – The Swiss based battery producer, iQ International AG (ISIN CH0451424300 / WKN A2PAA5 / Symbol IQL), has received strong demand for its batteries to be used in one of the most demanding applications for a battery, the Middle East taxi fleet. Six taxi companies in the United Arab Emirates (UAE) have expanded their use of iQ’s batteries. Sales in the region to this market segment are estimated to grow by 150% in the coming year. The taxi market in this region where temperatures reach over 115⁰F (46oC) regularly is very hard on batteries. The batteries with iQ’s 360° Electrolyte Mixing clearly outperformed all battery brands previously used for this application. Test results led directly to increased battery orders by multiple taxi companies, including to the government owned fleet, Dubai Taxi Company, whom recently adopted iQ batteries as their exclusive supply for the next 2 years. Nine months into commercial supply, warranty reports from the customers in the UAE have now been compiled and the warranty number for iQ’s batteries containing our 360° Electrolyte Mixing technology is between 3% and 5%. iQ’s customers are thrilled with these results as competitors’ numbers were between 30% to 35%.
“We are extremely satisfied with the performance of our batteries in the hot climate of the Middle East. The iQ batteries have clearly outperformed the competition and we are delighted that the prestigious Dubai Taxi Company, which is owned by the Dubai government, has retained our distributor as the exclusive battery supplier for the next two years. We continue to expand our distribution network in the region and are very confident of a bright future for iQ International in this region and beyond” says Ashwani Shiv, General Manager of iQ’s Dubai based operations.
“We welcome the increased orders for our 360º Mixing™ batteries. This underlines their superior performance, particularly in harsh and challenging environments. Warranty costs are increasing due to higher demands being placed on the battery by modern vehicles, and our technology is one of the most cost-effective ways to address performance shortfalls in batteries today. 360º Mixing™ is becoming widely recognized as an important solution to meet customer expectations”, says Kevin T. Loman, CEO of iQ International AG.
About iQ International AG
iQ International AG is listed on the Berlin Stock Exchange Open Market segment and is a Sustainable Technologies Company that manufactures and distributes highly efficient lead acid batteries mainly for the 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 Start-Stop applications. The circular 360º Mixing™ technology 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 extending the life of the battery. The patented technology was awarded the coveted Automechanika innovation award 1st prize in 2010 and became a first prize winner of the GreenTec Awards in 2017. For more information, visit www.iqint.com.