South Korea’s battery manufacturer iQ Power Asia Inc. has been acquired by Vancouver-based lead-acid battery maker Discover Energy and will operates as a subsidiary under a new name.
The new business is called Discover MIXTECH Manufacturing Co Ltd and will be led by Steve Nam, the South Korean manufacturing site helps secure Discover’s global supply of automotive and commercial batteries.
MIXTECH, a patented 360° acid mixing technology, “uses the vehicle’s natural movement to continuously mix the electrolyte inside the battery to eliminate acid stratification”.
Steve Nam commented, “We have been working towards this day for a long time and look forward to moving to the next phase. We have already initiated the purchase of a second line, ensuring we can keep up with the growing demand.”
In August, Discover’s sales and marketing director Lee Adams told BBB he expected to see SLI production at the site initially rise “threefold to three million units per year”.
Adams said Discover had chosen South Korea because it is “synonymous with automotive batteries”, in addition to its “location and proximity to suppliers, technology and available resources and experienced personnel”.
Export Development Canada, which provided $15 million financing support to the acquisition, said South Korea is “a key market” for Canadian businesses. “With the Canada-South Korea Free Trade Agreement now in place, Canadian exporters have preferential access to one of the world’s largest economies and are exposed to more opportunity due to tariff elimination in a broad range of sectors.”