Electric bus factory to be built in Daegu City

United States-based electric car manufacturer Leo Motors Inc. signed on February 23 an investment agreement with the government of Daegu Metropolitan City, South Korea. The company pledged to invest US$100 million in the construction of a finished electric car factory in the city’s Seongseo 5th Complex or Daegu Techopolis, which is set to be operational by 2010. Leo Motors decided to construct a large-scale EV plant in Daegu after receiving support from battery manufacturer Kokam Engineering Co. Ltd., Korea Advanced Institute of Science and Technology (KAIST), GP Nano Technology Group Ltd. and others. Kokam is equipped with global technology in the area of high-function batteries, while KAIST has developed a high-speed charger jointly with Leo Motors. The electric car plant is projected to produce 3,000 units of 25-passenger capacity electric buses per year. It may also be set to make one-ton electric trucks as well as high-capacity motors and controllers and battery housings, among other products. (February 24, 2009)