Seoul, South Korea / ACCESSWIRE / July 22, 2014 / Leo Motors Inc. (OTCQB) (LEOM) announced that its subsidiary LGM 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.
Winning the bids, LGM will develop Electric Jet Ski and Certification System. LGM will be subsidized approx. $ 1.2 million for this project by the government. Using the government funds, LGM will develop electric propulsion systems for the Jet Ski, and will make a research report for certification guidelines for electric leisure boats.
The e-Jet Ski, LGM developed has 60 horsepower (HP) which is similar with its Internal Combustion Engine counterpart in power and speed. But energy costs are less than 10 percent of the ICE Jet Ski. The project period is three years. LGM will develop the electric propulsion system for the first two years. In the third year, the company will develop formal approval and safety inspection system for the Jet Ski with the government agencies including Korea Ship Safety Technology Authority and Research Institute of Medium & Small Shipbuilding.
According to Mr. June Hee Won, "This project will be the cash cow for Leo Motors and LGM, because the Jet Ski we develop will have an opportunity to be the industry standard in Korea." The market size of the Water Leisure Industry is approx. 650 million per year in Korea.
Dr. Kang, chairman of LEOM said, "This is our second achievement in 2014. We won another government project few days ago. Now, our technology has been confirmed again by the Korean government." LGM was acquired and merged by LEOM on 1st of July, 2014.
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SOURCE: Leo Motors Inc.