Daejeon, Republic of Korea, December 1, 2011The Korea Advanced Institute of Science and Technology (KAIST) has reaped the fruits of its hard work in developing an innovative green technology that will benefit all industries, including public transit application. The technology is called "On-line Electric Vehicle (OLEV)," and not too soon, it will be a daily commuting transport in a city in the US.
OLEV is a pure electric vehicle, receiving electric power wirelessly via magnetic field from the road surface, under which power strips are buried. OLEV charges as it moves, thus no need of additional time and space for recharging.
For the first time in the US, OLEV will be made available to the public for daily use. The City of McAllen, Texas, announced on November 21, 2011 that the city was awarded with $1.9 million grant from the Federal Transit Administration (FTA), U.S. Department of Transportation (DOT), through TIGGER III (Transit Investment in Greenhouse Gas and Energy Reduction) fund. The FTA selected McAllen's bus project from among 266 applications submitted to the TIGGER III Grant Program, which awarded $112 million to 46 projects nationwide. In addition to the grant, the city will match with $211,000 to support the OLEV project.
OLEV Technologies, Inc., a Massachusetts based start-up that commercializes OLEV (On-line Electric Vehicle) technology in the Americas, is responsible for implementing McAllen's OLEV project. KAIST granted the company an exclusive license to commercialize OLEV technology in March this year. OLEV Technologies, Inc. anticipates that the McAllen project will be launched in 2012 and completed by early 2013.
President Nam-Pyo Suh of KAIST said, "We are excited to learn that McAllen City will add OLEV buses to their public transportation services in order to make the city cleaner and greener and to improve energy efficiency. This is certainly an encouraging endeavor for other communities around
|Contact: Lan Yoon|
The Korea Advanced Institute of Science and Technology (KAIST)