National Electric Vehicle Sweden (NEVS), a subsidiary of Evergrande Health, has acquired the leading developer of in-wheel motor technology, Protean Electric.
The acquisition is part of Evergrande’s strategy to become a major player in the global electric vehicle 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 is an exciting company with very competitive technologies. I am sure this acquisition will lead to many benefits for both NEVS and Protean Electric,” said Stefan Tilk, CEO of NEVS.
“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,” said KY Chan, CEO of Protean Electric.