In-Wheel Motor Manufacturer Protean Electric Secures $40 Million Funding
Protean Electric, known for its in-wheel electric motors for various kind of vehicles, announced the completion of a $40 million equity investment as the initial closing of its Series E funding round.
The round was led by Weifu High-Technology Group CO., one of the biggest parts suppliers in China, and Oak Investment Partners.
With the new funding, Protean Electric will form a joint venture with Weifu in China and try to commercialize the ProteanDrive Pd18 motors at a bigger scale.
We rarely see electric cars with in-wheel motors, but in the case of heavy-duty vehicles like buses, manufacturers sometimes prefer in-wheel motors. Protean Electric has been trying to gain market share for years without much luck, but we have seen demonstration cars with Protean’s in-wheel motors, including a Ford F150.
The company is currently present in the United Kingdom, China and the USA, while the production facility is located in Tianjin, China.
“The Series E financing proceeds will support Protean’s on-going business activities and help to establish a global licensing model covering all key markets. Weifu have further invested in the relationship by agreeing to form a Joint Venture in China for the manufacture of ProteanDrive Pd18.A technology center will be set up within the Joint Venture to focus on customer application engineering and manufacturing process engineering. Under the leadership of Protean’s technology center in England, the Joint Venture will support product development and continuous engineering of in-wheel motor products.”
Kwok-Yin Chan, CEO of Protean Electric said:
“This investment supports Protean Electric’s position as the world leader of in-wheel motor technology and eDrive systems. As we win more customer projects, our investors are convinced our technology offers tangible vehicle level benefits.The relationship with Weifu also provides great support for the industrialization of ProteanDrive, allowing us to focus on our technology and software to deliver enhanced vehicle functionality such as augmented ABS, torque vectoring, and control of the digital corner.”
Xuejun Chen, Chairman of Weifu commented:
“We believe Protean Electric’s in-wheel motor technology will have a transformative impact on the industry and all vehicle users. Protean’s wheel motors allow designers to develop vehicles focused 100% on client need, with more space, lower floors, greater comfort and even vehicles you can walk into that will travel and park sideways. We are pleased to support Protean as a strategic partner.”
Bandel Carano, Managing Partner at Oak Investment Partners said:
“Protean’s patented technology and development of ProteanDrive in-wheel motor products is creating tremendous interest. As the world accelerates digital transformation and vehicles become more autonomous, a smart, stand-alone drive solution that includes integrated power electronics, digital control, embedded autonomous EV sensors and friction brake is set to change how we view and experience transportation.”