Funding-boost for in-wheel electric motors
Protean Electric has received an additional $70m of funding to accelerate production of its in-wheel motors for electric and hybrid vehicles.
The funding was provided by private equity fund GO Scale Capital, parts manufacturer Zhejiang VIE Science & Technology Co. Ltd and Chinese R&D giant Tianjin THSG Corporation, alongside capital from existing investors Oak Investment Partners and GSR Ventures.
Protean announced in May that it would be establishing a factory in Tianjin, China, to commercialise its PD18 motor, which is suitable for passenger and commercial vehicles. Since in-wheel motors require no transmission, they are claimed to boost energy efficiency by up to 15% compared to a central drivetrain as used in most electric vehicles.
KY Chan, CEO of Protean Electric, said: “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.”For more of the latest industry news, click here.