Protean Electric, developer of in-wheel electric drive systems,
received $84 million in new funding from GSR Ventures, New Times Group,
Oak Investment Partners and the city of Liyang, Jiangsu Province,
China. This capital will be used to bring Protean’s electric drive
technology to production by establishing manufacturing facilities in
Liyang.
The funding is led by GSR Ventures, a venture capital firm based in
Beijing and Silicon Valley. They will be joined by the New Times Group, a
Liyang-based industrial group. Oak Investment Partners, Protean’s first
venture investor, is also participating in this round of funding. The
city of Liyang is partnering to provide prototype manufacturing support,
with favorable industrial policy.
GSR is honored to lead this round of investment in a
disruptive technology that we believe has great promise for the Chinese
automotive market and potentially building a global EV platform.
—Sonny Wu, GSR Ventures managing director
This marks Protean Electric’s entry into China, the world's largest
automobile market. In 2011, China automobile sales exceeded 18.5 million
units. Passenger car sales climbed to about 14.5 million units;
commercial vehicle sales exceeded 4 million units. Total vehicle
registrations in China today total over 100 million automobiles.
The Chinese government just published a plan through 2020 to accelerate
the production and adoption of new energy vehicles, including electric
drive vehicles.
With this round of investment in place, Protean
Electric is now positioned to move aggressively to production and into
the market. All of our investors believe in our technology and share in
our vision to make Protean Electric the world leader for in-wheel
electric drive. We will have the capability to directly supply our
motors at lower volume levels, while providing licenses to our higher
volume customers and partners.
We have a very unique value proposition: We can
create hybrid and electric drive vehicle options, on the vehicles that
people like to drive. We can provide more power, better fuel economy,
easier integration, and lower cost. The Protean Electric drive system is
probably as close as the industry will ever get to a bolt-on solution.
—Bob Purcell, chairman and CEO of Protean Holdings Corp.
Features of Protean’s in-wheel motors include:
- Fuel economy improvements up to 30% depending on battery size;
- Highest torque density of any of today’s leading electric propulsion systems;
- 81 kW (110 hp) and 800 N·m (590 lb-ft) from each motor;
- 31 kg (68 lbs) per motor;
- Fits within the space of a conventional 18- to 24-inch road wheel; and
- Regenerative braking capabilities allowing up to 85% of the available kinetic energy to be recovered during braking.
Protean Electric’s plans in China call for beginning prototype motor production early next year and volume production in 2014.
Protean has been awarded 21 patents for its technology and design, and
more than 70 additional patent applications have been filed
internationally and with specific countries in North America, Europe and
Asia. Protean also has won the 2012 Technology Pioneers Award from the
World Economic Forum as being one of most promising start-up technology
companies in the world.
In addition, Protean has developed multiple demonstration vehicles,
including a Ford F150 pick-up truck, Volvo C30, Vauxhall Vivaro cargo
van, Guangzhou Automobile Company Trumpchi, and BRABUS full electric and
hybrid vehicles, based on the Mercedes-Benz E-Class, and were featured
at the 2011 Frankfurt Motor Show.
Source:
Green Car Congress