Electric innovator secures international backing
UK automotive innovator Protean Electric is braced for rapid growth after being acquired by National Electric Vehicle Sweden (NEVS).
Protean Electric will continue to operate as an independent business, but 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.
KY Chan, CEO of Protean Electric said, ‘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.’
Protean Electric develops 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.
Its 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.
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.
