Electric vehicle (EV) maker National Electric Vehicle Sweden (NEVS) has acquired Protean Electric, a UK-based electric motor manufacturer backed by corporates Zhejiang VIE Science & Technology and Tianjin THSG Corporation, for an undisclosed amount.
Founded in 2008, Protean develops electric drive systems for use in hybrid and plug-in electric vehicles, converting electricity into power and reducing energy waste. The in-wheel electric motors are designed for passenger cars, light commercial vehicles and self-driving cars.
Protean Electric will continue to operate as an independent business post-acquisition, as part of the Evergrande Health Industry Group that functions as the holding company for NEVS.
The deal comes almost three years after Protean Electric raised $70m in funding from investors including auto component producer Zhejiang VIE, automotive technology provider Tianjin THSG, GSR Ventures, Oak Investment Partners and Go Scale Capital.
The company had previously secured $84m from GSR, Oak Investment Partners, real estate and technology holding company Jiangsu New Times Holding Group and the Chinese city of Liyang in 2012.