China-based electric vehicle (EV) motor producer Protean Electric raised $70m today from investors including auto part manufacturer Zhejiang VIE Science & Technology and automotive technology developer Tianjin THSG Corporation.
The round also included venture capital firms GSR Ventures and Oak Investment Partners, and Go Scale Capital, which is part of the GSR family of funds.
Protean develops electric drive systems capable of fitting inside an 18” wheel rim, that convert electricity into power while also cutting energy waste, making EVs up to 15% more efficient than they would be with the centralised motor in a conventional electric powertrain.
The funding will go to scaling production of the company’s PD18 in-wheel motor. Protean is building a manufacturing facility in Tianjin to manufacture PD-18s, and is forming a manufacturing and marketing joint venture for in-wheel motors with VIE.
Leal Jiang Chen, president of VIE Group, said: “As a strategic investor, we are glad to support Protean’s growth in China and other important automotive markets.
“VIE’s strong China customer base, its broad range of chassis products, and its manufacturing prowess are highly complementary to Protean’s technology leadership. Together, we look forward to great mutual success.”
Protean previously received $84m from in 2012 from GSR, Oak Investment Partners, real estate and technology holding company Jiangsu New Times Holding Group and the city of Liyang in China’s Jiangsu Province.
– Image courtesy of Protean Electric