The company received the funding from GSR GO Scale Capital, Zhejiang VIE Science & Technology Co. Ltd., and Tianjin THSG Corporation. Existing investors Oak Investment Partners and GSR Ventures co-invested in Protean’s equity financing round.
The investment follows Protean’s announcement in May that it is to establish a manufacturing site in Tianjin, China, to commercialise the PD18 in order to meet customer demand. The new funding will be used to ramp up production of the PD18 product line, for new product development and the formation of a manufacturing joint venture with VIE. This JV will also engage in production and marketing of other in-wheel motor products.
The in-wheel motor converts electricity directly into power and eliminates energy waste in power transmission. It is suitable for both passenger and commercial vehicles and boost an electric vehicle’s energy efficiency by up to 15 percent compared to a centralised motor in an electric power train. Using a scalable and patented sub-motor architecture and designed to fit inside an 18” wheel rim, Protean’s current PD18 product provides the power and torque required to propel hybrid and electric vehicles from C-segment all the way to light commercial categories.
So far there’s been tremendous interest in the product from around the world, according to Bandel Carano, Managing Partner at Oak Investment Partners, given its ability to offer breakthrough cost and performance advantages, including integrated power electronics, improved regenerative braking efficiency and high power and torque applied directly to the wheel.
“This funding accelerates the adoption of our innovative technology in the booming electric vehicle market in China” said KY Chan, CEO of Protean Electric. “Protean’s in-wheel drive technology is the most versatile, energy efficient and cost-effective method to add electrification to traditional gasoline-powered vehicles or develop a new breed of pure electric vehicles.”
Frank Chao Lyu, Chairman and Founder of Tianjin THSG Corporation (Tanhas), added that Protean has developed a next generation power train with a huge potential.
China is aiming to deploy five million clean energy vehicles on the road by 2020 and is focusing primarily on the electrification of buses and logistics vehicles to achieve this goal. Protean claims that its in-wheel motors are ideal for the electrification of China’s passenger, MPV, SUV and light commercial vehicles as well as helping Chinese motor manufacturers to meet increasingly strict fuel economy standards of 5 litres per 100 kilometres by 2020. The US is also aiming to deploy millions of electric fleet vehicles and facing similarly strict fuel economy and emissions requirements.
Protean Electric specialises in the development and commercialisation of in-wheel electric drive systems. The company’s aim is to play a major role in the global hybrid and electric vehicle market by offering a combination of packaging advantages, new vehicle design opportunities, performance benefits and cost savings. Protean maintains operations in the United Kingdom, Shanghai, China and the United States, and has a manufacturing plant in Tianjin, China.
GSR GO Scale Capital is a technology-focused private equity fund under the GSR Capital family of funds, with offices in Beijing, Hong Kong and Silicon Valley, while VIE is a leading automotive parts supplier in China producing pneumatic and hydraulic brake systems, automotive electronics and engineering plastic products. VIE has recently expanded into wireless charging, ADAS and Electro-Mechanical Braking Systems.
For additional information:
