Seoul, South Korea / ACCESSWIRE / February 20, 2014 / Leo Motors Inc. (OTCBB: LEOM) announced that its affiliate company, Leo Greentier Marines (LGM), finished a successful demonstration of its electric fishing boat in Pokpo City on February 14. The demonstration was organized by the Ministry of Ocean and fisheries of Korea. In the event the Ministry invited potential buyers and e-boat related industry people.
In January, 2014, the Ministry officially announced that it will subsidize up to 40 boats for conversion from internal combustion engines to electric motors. Any conversion volunteer will receive 60 percent of the conversion costs with maximum subsidy of 30 million Korean won (approximately US$ 29,499) from the government.
Leo Motors has contracted to acquire 25% of affiliate company Leo Greentier Marines (LGM) in December, 2013. LGM is the first Korean electric outboard power system developer and producer. There is no known company in the world making E-boats sustainable and marketable. They have developed a fossil fuel alternative to conventional boats that reduce the amount of CO2 and other water pollutants.
LGM developed 30kW electric outboard power system for fishing and leisure boats and 80kW for fishing boats. Mr. Won, CEO of LGM said, "It is in the development of the 300kW power system anticipated to debut in early 2014."
Pokpo Cith is one of the biggest harbor cities located in the southern part of Korea.
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Source: Leo Motors