Leo Motors Enters Into $6 Million Dollar Deal with Chinese Firm
Leo Motors, Inc. has entered a Memorandum of Understanding (MOU) with a Chinese company, Shenzhen Rui Li Da Shebei (SRLDS) Limited. According to the MOU, Leo will share its 56 patent technologies with SRLDS, and SRLDS in return will pay around US$ 6 million to Leo.
Using Leo’s technology, SRLDS will set up an Electric Vehicle (EV) manufacturing plant in Beijing by initially investing approximately US$ 25 million. Leo will also invest approximately US$ 3 million to the new plant after receiving the payment of US$ 6 million. When the new plant is rolling, Leo will supply all major solutions of the Electric Vehicle (EV) power train including high power electric motors, battery power packs with battery management system, and power controllers.
According to John Lee, CEO of Leo Motors, "This MOU has great significance to our business. This deal means that our EV technology was acknowledged in China. With the new venture, Leo has a chance to demonstrate its technology in China and an opportunity to capitalize on its technology."