90% reduction in fuel cost
LGM’s e-boat excels its ICE counterparts in speed and power
Seoul, South Korea / ACCESSWIRE / June 7, 2014 / Leo Motors Inc. (OTCBB: LEOM) said that its subsidiary company, Leo Greentier Marines (LGM), finished a successful demonstration of its electric fishing boat in a harbor in Gosung City. The demonstration was organized by Kyungnam Province Government of Korea. The Province Government invited fishing related officers and potential buyers from Changwon, Tongyoung, Sacheon, Geoje, Gosung, Namhae, and Hadong Cities. LGM explained the Government subsidized program for conversion from internal combustion engines (ICE) to electric motors to the attendees. It was the second demonstration followed by a central government demonstration in Mokpo in February...
The e-boat LGM demonstrated was 28 feet (8.5m) in length and weighs 2 tons, and sailed more than 20 knots (38km/h) which exceled the speed of its ICE counterparts. The motor is lower in noise, vibration, and fuel consumption. LGM’s e-Power system also reduces maintenance costs. The new e-boat gives fishermen significant reduction in energy costs. For each 100,000 km, traveled, an internal combustion engine $40,000 in fuel while the e-boat spends approx. $4,000, a 90% reduction in operating cost.
Dr. Kang, chairman of LEOM said, “Only LGM has a technology to develop full speed e-boat in Korea. That’s why Kyungnam Povince government invited only LGM to demonstrate. In addition, without our patented Cartridge Battery System, it is almost impossible to charge and exchange batteries for many boats every day.” LGM was acquired and merged by LEOM on 1st of July, 2014.
LGM has 7 patents issued and 15 patents pending. These patents include the remarkable Cartridge Battery Systems (CBS) technology. CBS consists of 15-30 cartridges in a battery power pack. Such batteries are lightweight and can be recharged and replaced easily.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
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Source: Leo Motors