Protean Electric, a developer of in-wheel electric drive systems, received $70m in funding.
Backers included GO Scale Capital, Zhejiang VIE Science & Technology Co. Ltd., and Tianjin THSG Corporation as well as existing investors Oak Investment Partners and GSR Ventures.
The company intends to use the funds to ramp up production in China of its PD18 product line, and for new product development and formation of a manufacturing joint venture with VIE, which will engage in production and marketing of other in-wheel motor products.
Led by KY Chan, CEO, Protean Electric designs, develops and manufactures Protean Drive® in-wheel motors, an integrated in-wheel drive solution which converts electricity directly into power and eliminate energy waste in power transmission to propel hybrid and electric vehicles for both passenger and commercial vehicles.
The company, which maintains operations in the United Kingdom, Shanghai, China and the United States, has a manufacturing plant in Tianjin, China.