SEOUL, South Korea, Nov. 12, 2012 (GLOBE NEWSWIRE) — Leo Motors, Inc. (OTCQB:LEOM) (“Leo Motors” or the “Company”), an electric supercar and electrical energy storage device maker, and PDI C&D/RDC SPRL Inc. (“PDI”), an affiliate of PDI Global LLC, a major architectural design company in the U.S., have signed a contract to supply an independent solar power system grafted with Leo Motors’ E-Box power storage device for a housing project in the Democratic Republic of the Congo (“DRC”).
The contract contemplates an initial sale of 5,000 E-Box solar sets at an aggregate sales price of $64 million targeted to begin in 2013.
Additionally, the purchaser can order an additional 50,000 E-Box Solar sets. However, there can be no assurance that any orders will actually be placed as a result of the agreement.
The E-Box system will be combined with a solar panel to provide an environmentally friendly solution to power outages for affordable housing in that part of the world.
Unlike existing power systems, the Solar E-Box system is a Central Energy Storage System, which allows individual houses to use electric power through a photovoltaic system, eliminating huge facility costs. When fully charged, the E-Box automatically stores electricity.
The all-in-one E-Box combined with a
photovoltaic system streamlines the power generation process by eliminating many other components applied to existing photovoltaic systems.
“This contract is significant, as it is Leo Motors’ first signed contract to provide Solar E-Box systems supplying an independent electric energy source for homes in the DRC,” said Jung Yong Lee, CEO of Leo Motors. “The energy storage system market is showing an upward trend worldwide. We anticipate that demand for the Solar E-Box will increase.”