Seoul, South Korea / ACCESSWIRE / July 15, 2014 / Leo Motors Inc. (OTCBB: LEOM) announced that its subsidiary LGM has won the government subsidizing development project, titled “Global High Tech Development/Industrial Convergence Promotion Project” in the bidding. The project is subsidized by the Ministry of Trade, Industry and Energy, and is supervised by the Korean Evaluation Institute of Industrial Technology.
As a result of winning the bid, LGM will develop two axle electric propulsion systems for remote controllable bass boats, and their hull development. LGM will be subsidized approx. $1.2 million for this project by the government.
Dr. Kang, chairman of LEOM said, “Our government highly evaluated LGM’s electric propulsion technology. Winning the bid will be great value reference to us.” LGM was acquired and merged by LEOM on 1st of July, 2014.
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Source: Leo Motors