Protean Electric, an automotive technology company, closed a $40m equity funding as the initial closing of its Series E funding round.
The round was led by Weifu High-Technology Group Co., Ltd. (000581.SZ) and Oak Investment Partners.
The company intends to use the funds to support on-going business activities and 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.
Led by Kwok-Yin Chan, CEO, Protean Electric is an automotive technology company that designs, develops and manufactures ProteanDrive, a fully integrated in-wheel drive solution for the hybrid and electric vehicle market.
Using a patented sub-motor architecture, the current Pd18 product, designed to fit inside an 18” wheel rim, provides the power and torque required to propel hybrid and electric vehicles from C-segment all the way to light commercial categories.
Protean maintains operations in the United Kingdom, China and the USA, with its manufacturing plant at Tianjin, China.