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Leo Motors to Provide Philippine City with $15M in EVs, Parts and Batteries, Form JV

21 October 2008

Korea-based Leo Motors, Inc. has signed a contract with the city government of Puerto Princesa, of the Republic of the Philippines, to form a company to produce electric vehicles to sell in Puerto Princesa, and also throughout Asia.

The city government of Puerto Princesa, the capital of the province of Palawan, agreed to form a joint company to set up an assembly plant to supply the electric taxis and help manage the program financially. Leo Motors will supply knock-down parts and lithium-ion polymer batteries for a minimum of 2,500 electric taxis to the joint company, and the city will subsidize 200 million Pesos (approximately $5 million US).

Puerto Princesa is seeking to eliminate the pollution emitted by numerous tricycles, which emit carbons and pollution 15 times more than a typical passenger car.

To lower the initial E-Taxi purchasing cost, Leo Motors, together with the city in a joint venture, will operate the Fresh Battery Station, which is a battery swap center. Recharging can involves swapping a discharged battery for a fully charged battery, or plugging in a quick charger to top up the battery at the battery swap center. Battery swaps will not take more than five minutes. When completed, the center would always be available for drivers with freshly and fully recharged batteries.

In January, Leo Motors entered into a Memorandum of Understanding (MoU) with Global Electric Motors Car Asia Co., Ltd., based in Thailand. The terms of that MoU include entering into a joint venture for the development of new electric vehicles, undertaking their production, commencing sales to Thailand, and initiating sales to neighboring countries. (Earlier post.)

There are 2.2 million tricycles in operation in the Philippines. Neighboring countries like Vietnam, Thailand, Malaysia and Indonesia have more than 10 million tricycles on their roads.

October 21, 2008 in Brief | Permalink | Comments (2) | TrackBack (0)

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Comments

Battery swaps are a good idea, but high efficiency, on-board engine generators are more flexible. No pure electric vehicles should be allowed on the streets; they are useful but peoples views about their limited range have prevented their wide use. ..HG..

"Cheers to Leo Motors!" Great move and I as an American in Davao, Philippines welcome this for my New Beloved Home Land

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