NEVS acquires Protean Electric
National Electric Vehicle Sweden (NEVS), a subsidiary of Evergrande Health, has acquired Protean Electric, a developer of in-wheel motor technology.
Protean Electric says it has devoted more than a million engineering man-hours to develop and validate its ProteanDrive in-wheel motor technology. ProteanDrive in-wheel motors are designed to offer improved powertrain efficiency and greater flexibility in vehicle design compared to conventional electrified powertrains. The technology combines a direct drive electric motor and power electronics that can be used on a range of platforms, including passenger cars, light commercial vehicles, urban mobility vehicles, and autonomous pods.
Protean Electric will continue to operate as an independent business under the Evergrande umbrella. Formally, Protean Holdings will now be merged into Virtue Surge, a subsidiary of NEVS.
Stefan Tilk, CEO of NEVS, said that the acquisition will lead to many benefits for both companies. KY Chan, CEO of Protean Electric, added, “This acquisition will aid Protean Electric in establishing a strategic advantage in the new energy and mobility markets and bring in new expertise. Evergrande is a well-established and ambitious business, determined to make a mark in the clean mobility arena across the world. We look forward to working closely with the Evergrande and NEVS teams to deploy our technologies.”