Leo Motors, Inc. (OTC: LEOM) a Korean startup, hopes to make headway in the emerging market for electric vehicles (EV) and components in the U.S.
The company formed in 2005 and emerged as a Delaware corporation in November 2007 as the result of a reverse merger with SIMCO America (OTC: SCMA).
The company's overarching strategy is to gain an initial foothold in the EV market as a niche supplier and develop its catalog of products and technology while the market for EV develops. The company said it also is focused on securing a sales network in Australia, Japan, China, Southeast Asia and Europe.
Leo Motors CEO Robert Kang told Red Herring the company would like to open a research and development center in California.
In October 2008 the company signed a contract to form a company in the Philippines to produce small electric vehicles that will be used as taxis in the city of Puerto Princesa and exported throughout Southeast Asia.
The taxis will use lithium polymer battery packs, drive about 50 miles per charge, and max out at 30 mph, the company said.
Leo Motors says it also has developed several other electric models, according to the Red Herring interview--including a sports utility vehicle called the S65 that can drive 250 miles per charge.
The company hopes to begin commercialization of a new battery technology in 2009.
The Zinc Air Fuel Cell (ZAFC) power pack technology uses tiny zinc balls as fuel for an on-board generator that can charge an EV battery. The technology has been successfully deployed in smaller electronic devices.
Visit the company website at www.leomotors.com or read the Red Herring story at the link below.
