NEVS/Evergrande acquires British automotive technology company Protean Electric to speed roll-out of innovative propulsion technologies for next- generation electric and autonomous vehicles. Founded in 1963, privately held Protean Electric has 100 employees today and a long past in the development of electric motors. It was only in 2005 that Protean began developing their in-wheel electric motor.
In July of 2012, Protean closed on a funding round of $84 million from GSR Ventures, New Times Group, and Oak Investment Partners. Protean has been awarded 160 patents for their unique technology as well as 150 additional international patent applications pending. They have spent ten years and over 1 million hours developing our technology. So far they’ve travelled over 1 million kilometres on their quest – more than 675,000 of those beyond the laboratory in 31 different types of vehicle.
Protean Electric continues to operate as an independent business; will continue to develop future powertrain and mobility solutions to meet the needs of the market
The acquisition is part of Evergrande’s strategy to become a major player in the global electric vehicle (EV) industry, and paves the way for NEVS to deploy Protean Electric’s in-wheel electric drive technology, ProteanDrive, into its future products.
Protean Electric is an automotive technology innovator and world-leading developer of in-wheel motors (IWMs) and future propulsion solutions. Founded in 2008, Protean Electric has devoted over a million engineering man-hours to develop and validate its ProteanDrive in-wheel motor technology. The business has over 160 patents globally across electric motor and power electronics design, control and manufacturability, with another 150 patents pending, and ProteanDrive motors are subjected to industry-leading test criteria to ensure they meet existing automotive standards.
Compared to conventional electrified powertrains, the highly-integrated ProteanDrive in-wheel motors offer improved powertrain efficiency and greater flexibility in vehicle design. The patented high-torque density ProteanDrive technology combines a direct drive electric motor and power electronics which can be utilised on a range of platforms, including passenger cars, light commercial vehicles, urban mobility vehicles and autonomous pods.
Protean Electric will continue to operate as an independent business under the Evergrande umbrella, developing future powertrain and mobility solutions to meet the needs of the market. Formally, Protean Holdings will now be merged into Virtue Surge, a subsidiary of NEVS. The acquisition will provide additional resources and business opportunities for Protean Electric, giving the company access to an even broader pool of skills, knowledge and experience, as well as a sizeable customer in NEVS.
Stefan Tilk, CEO of NEVS says: “Protean Electric is an exciting company with very competitive technologies. I am sure this acquisition will lead to many benefits for both NEVS and Protean Electric”.
KY Chan, CEO of Protean Electric says:
“This exciting new agreement will enable Protean Electric to fulfil its global potential, and to do so more rapidly. This acquisition will aid Protean Electric in establishing a strategic advantage in the new energy and mobility markets and bring in new expertise. Evergrande is
a well-established and ambitious business, determined to make a mark in the clean mobility arena across the world. We look forward to working closely with the Evergrande and NEVS teams to deploy our technologies.”
NEVS is a Swedish electric vehicle manufacturer committed to shaping mobility to become more sustainable and smarter, designing and producing premium transportation solutions and electric vehicles.
In January 2019 Evergrande Health acquired a (51%) controlling stake in NEVS. In combining NEVS, Protean Electric and a number of other leading companies within the automotive area, Evergrande have formed a highly competent “New Energy Vehicle” group.