SEOUL, South Korea, Jan. 22, 2013 (GLOBE NEWSWIRE) -- Leo Motors, Inc. (OTCBB:LEOM) ("Leo Motors"), an electric supercar and electrical energy storage device maker, and KleenSpeed Technologies Inc. ("KleenSpeed"), a disruptive technology company focused on new energy solutions, have signed a global joint sales agreement.
Under the agreement, both companies will cross-sell each other's products and services in North America and Asia. The agreement will help both companies to open global markets by identifying new customers to provide stationary energy storage solutions and electric vehicle systems. Some of the key industries for the application of their products and technology include solar, wind, marine, aircraft, telecommunications, electric vehicle, military, and industrial.
"With the increased deployment of smart-grid energy technology, utility providers worldwide are increasingly seeking energy storage solutions that maximize their power delivery capabilities," stated Jung Yong Lee, CEO of Leo Motors. "According to Lux Research, the global market for energy storage services is expected to reach $31.5 billion by 2017. Our products and services, as well as KleenSpeed's, have the capability to improve the efficiency and reliability of existing power delivery systems."
"We look forward to working with KleenSpeed and helping to commercialize their market-disrupting energy storage technology," continued Mr. Lee. "Combined, our platforms provide a full spectrum of cost-effective power storage solutions suited to a wide range of industries and applications. KleenSpeed's products and technologies strongly complement ours, and joining forces will enable us to expand our customer reach worldwide."
About Leo Motors
Leo Motors is a public U.S. company based outside of Seoul, Korea. It engages in the development, manufacture, and sale of Electric Vehicle (EV) Power Trains and components. Leo Motors has developed many original EV power trains and has converted many models of existing internal combustion engine (ICE) vehicles into EVs, including scooters, motorcycles, highway speed sedans, buses and trucks. Leo Motors has also developed a Zinc Air Fuel Cell Generator (ZAFCG), which will free EVs from range limit with zero emission.
KleenSpeed Technologies was founded in 2007 by Timothy Collins, a technology visionary with a career of success in tech businesses and investment banking. KleenSpeed is committed to accelerating the transition to "Smart" energy by developing leading-edge products for the New Energy future and the construction of "Smart" Grid systems. KleenSpeed is focused on research and development of the disruptive technologies that will lead to new products to enable capitalization of the New Energy Frontier. In 2012 the company announced its first commercial product, the GenESSys™ 40 kWh Energy Storage System for multiple applications requiring high capacity storage, which is currently undergoing development for production. KleenSpeed's GenESSys™ 40 kWh battery is now being showcased and tested in an automotive application in the KleenSpeed World KAR concept vehicle. The GenESSys™ is also suited for use by utilities, corporations and home owners for energy storage, standby power and peak/load balancing applications in both primary and second life applications.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.