NEVS acquires auto technology company Protean Electric

The acquisition is part of Evergrande’s strategy to become a major player in the global electric vehicle industry, and paves the way for NEVS to deploy Protean Electric’s in-wheel electric drive technology, ProteanDrive, into its future products, a press release reads. Protean Electric is an automotive technology developer of in-wheel motors (IWMs) and future propulsion solutions. Founded back in 2008, Protean Electric has devoted over a million engineering man-hours to develop and validate its ProteanDrive in-wheel motor technology. As a result of this the business has over 160 patents globally across electric motor and power electronics design, control and manufacturability, with another 150 patents pending. Protean Electric will continue to operate as an independent business under the Evergrande umbrella, developing future powertrain and mobility solutions to meet the needs of the market. Formally, Protean Holdings will now be merged into Virtue Surge, a subsidiary of NEVS. The acquisition will also provide additional resources and business opportunities for Protean Electric, giving the company access to a broader pool of skills, knowledge and experience, as well as a sizeable customer in NEVS. “Protean Electric is an exciting company with very competitive technologies. I am sure this acquisition will lead to many benefits for both NEVS and Protean Electric,” says Stefan Tilk, CEO of NEVS, in the release. “This exciting new agreement will enable Protean Electric to fulfil its global potential, and to do so more rapidly. This acquisition will aid Protean Electric in establishing a strategic advantage in the new energy and mobility markets and bring in new expertise," adds KY Chan, CEO of Protean Electric. "We look forward to working closely with the Evergrande and NEVS teams to deploy our technologies.” It was back in January this year that Evergrande Health acquired a controlling stake in NEVS (51%), Kai Johan Jiang, the founder of NEVS still owns 49% of the shares though his company, NE Holding.