Leo Motors Inc of Korea with the support of government officials of Henan, China, Leo Motors Inc (LEOM) and Zhong Ji Well Parking System Co Ltd (ZJWP) have signed a Memorandum of Understanding (MoU) to set up a joint venture company focused on battery production, electric boat business, and Connected Vehicle business based on Internet of Things (IoT) platforms. The MoU was facilitated by the city government of Xuchang who invited Leo.
Based on the co-financing plan, LEOM will contribute EV, electric boat and IoT technology and ZJWP will contribute market developments and local manufacturing expertise. ZJWP, located in Henan, China, is one of China's largest smart parking system manufacturers who want to expand their business by entering into the businesses of battery power packages for EV, electric boats, solar and wind power plants, smart city lights, and energy storage systems (ESS) with LEOM's technology.
Dr. Kang Shi Chul, CEO of LEOM, said, "This MoU is an important step forward to expedite the commercialization of Leo's developments. Xuchang City is centered in Henan Province, China's most populated region, and will prove to be crucial in driving Leo's revenue. The Chinese government's involvement for this joint venture will provide greater market opportunities."
LEOM is an EV technology developer possessing numerous EV powertrain solutions such as the Cartridge Battery System, Extreme Battery Pack, EMR Prevention System, and Shock Prevention System. LEOM's subsidiaries include LGM, who is South Korea's only certified provider and distributor of electric fishing boats, and LELCON, a developer of IoT automotive maintenance devices, and real-time parking and city light management systems. Leo had already signed contracts to set up a joint venture company in the North Eastern Part of China. When this MoU completes its successful joint venture, Leo will have businesses in both North East and Middle regions in China.
IDTechEx comment: Here is the latest example of a broad service green technology company being created to deliver one stop shopping of green products that are compatible. The choice of offering heavily overlaps but is not the same as that offered or planned by BYD and Hanergy also of China so the Chinese Government is particularly going in this direction. Tesla in the USA is also taking this approach nowadays. A common theme is the confluence of energy harvesting and EVs notably solar and wind power that already appear on charging stations and will appear on the vehicles themselves as many become energy independent IEV though only Hanergy has announced planned EIVs as yet. The Europeans seem blind to the big picture though some have added battery to on-road EV manufacture. See IDTechEx reports on EIVs, EVs, future powertrains, high power energy harvesting, internet of things and other aspects www.idtechex.com/research/.
Source and top image: Leo Motors Inc