Protean Electric designs, develops and manufactures ProteanDrive, a fully integrated in-wheel drive solution positioned for the hybrid and electric vehicle market. Using a scalable, patented sub-motor architecture, the Pd18 is designed to fit inside an 18" wheel rim and deliver power and torque for C-segment through light commercial vehicles. The technology promises packaging advantages, new vehicle design opportunities, performance benefits and cost savings, and enables features such as augmented ABS, torque vectoring and digital corner control. Protean completed a $40 million equity investment as the initial closing of its Series E and will use proceeds to support ongoing business activities and establish a global licensing model. As part of the financing, investor Weifu will form a joint venture in China to manufacture the Pd18 and host a technology center focused on customer application and manufacturing process engineering. Protean maintains operations in the United Kingdom, China and the USA, with a manufacturing plant in Tianjin, China. Protean Electric designs, develops and manufactures Protean Drive in-wheel motors, an integrated in-wheel drive solution that converts electricity directly into power to propel hybrid and electric passenger and commercial vehicles. The company intends to use the new funding to ramp up production in China of its PD18 product line and to support new product development. It plans to form a manufacturing joint venture with Zhejiang VIE Science & Technology Co. Ltd. that will handle production and marketing of additional in-wheel motor products. Protean maintains operations in the United Kingdom, Shanghai, China and the United States and operates a manufacturing plant in Tianjin, China. The company is led by CEO KY Chan. The article does not disclose specific operating metrics or prior financing amounts beyond the current funding. Protean Electric designs, develops and manufactures the Protean Drive™, a fully integrated in-wheel motor, direct-drive solution. Led by chairman and CEO Bob Purcell, the company focuses on clean-technology electric drive systems. It has raised $84M in new funding to advance its technology. Protean plans to use the proceeds to bring its electric drive technology to production by establishing manufacturing facilities in Liyang, Jiangsu Province. The company intends to begin prototype motor production in China early next year and target volume production in 2014. Protean maintains offices in the United States, the United Kingdom, Hong Kong and Germany.

Total raised

$194M

Funding rounds

3

Latest round

Series E

Latest activity

May 2018