iQ International AG (iQ) has signed an agreement for the acquisition of Ever Resource Ltd – UK research-led company with circular economy innovations including battery recycling technologies for multiple types of batteries.
iQ is a multinational sustainable technology company publicly traded at the Frankfurt Stock Exchange. Its global head office is in Zug, Switzerland, and North American headquarters in Phoenix, Arizona. The company has developed innovative technologies for lead-acid batteries, including an award-winning mixing technology which prevents acid stratification in automotive batteries. This technology received First Prize at the Frankfurt Automechanika Innovation Awards (2010) and Gold Medal at the GreenTec Awards (2017) in Berlin – Europe’s most prestigious award for environmental innovations.
In June 2020, iQ signed an exclusive license agreement with the University of Cambridge for the lead battery recycling technology developed jointly with the team at Ever Resource. After working closely with the Ever Resource founders for over a year, iQ has decided to acquire Ever Resource and hire its founders to launch company-wide innovative recycling initiatives, particularly for batteries.
Ever Resource’s portfolio of technologies includes processes which turn waste into feedstock (including hydrogen) and produce value-added products from end-of-life materials including batteries, plastic, tyres and municipal solid waste. In October 2020, the company was awarded funding (£237,000 GBP) jointly with the University of Cambridge to manufacture proprietary nano-oxides for enhanced lead-acid batteries.
iQ is in the closing stages of a major fund-raise of $130 million USD. These funds have enabled iQ to acquire the Tecnova-Bosch battery factory based in Ecuador – a manufacturer and distributor of Bosch-branded lead-acid batteries. In 2019, Tecnova produced approximately 695,000 batteries, generating net sales of USD 64 million.
These funds will also enable iQ to roll out its “Advanced Battery Factory” (ABF) – a manufacturing innovation which combines new mixing, pasting and curing technologies. ABF will shrink the production time of lead batteries from 2-3 days down to less than 10 hours, with cost savings of up to 20%, water consumption reduced by up to 90%, working capital reduced by 50%, and consumption of electricity reduced by up to 25%.
The addition of Ever Resource’s nano-oxide to the ABF production line will herald the arrival of a new chapter for the lead battery. Our innovative oxides will enhance active material utilisation, increase the battery’s energy density and allow greater cycling and depth of discharge with additional cost-savings of at least 10% and significantly reduced environmental impact.
iQ is convinced that these newly acquired circular economy and recycling and upcycling technologies, together with the Company’s already superior 360 mixing battery and ABF technologies, will allow iQ to become one of the leading Battery Technologies Companies in the world within five years. iQ International will seamlessly merge its battery manufacturing innovations (from iQ Power) and resource, recovery, and recycling technologies (from iQ Environmental) to convert end-of-life batteries and other commodity items into component parts and energy for battery manufacturing.
“The acquisition of Ever Resource is in line with our strategy to leverage the lead-acid battery supply chain where it has not previously been levered. Adding certain technologies from Ever Resource to iQ International´s existing intellectual property portfolio will allow us to re-think where lead-acid battery manufacturing and recycling begin and end, which we believe will result in a more efficient utilization of existing infrastructure”, said Kevin T. Loman, CEO of iQ International AG. “The two gentlemen, Athan and Miles, have brilliantly put together the technologies at Ever Resource and they are a perfect complement to the team of experts that have recently entered the executive team at iQ as previously announced”, added Kevin.
Further to the acquisition of Tecnova, Mr Reinhardt Peper, former President of the Board and CEO of Bosch Battery Systems, has joined iQ’s Advisory Board. Dr Athan Fox has joined iQ as Director of Innovation and Mr Miles Freeman has joined as Director of Recycling Operations.