China’s automaker Protean Electric closes $40m Series E round

Chinese automaker Protean Electric has closed a $40 million equity investment in its series E funding round led by Shenzhen-listed Weifu High-Technology Group and existing investor Oak Investment Partners.

According to a press release, the funding will be utilised to support Protean’s ongoing business activities and to help establish a global licensing model covering its key markets.

Weifu will also form a joint venture with Protean Electric to set up a technology centre in China. The JV will support product development and engineering of in-wheel motor products.

“The relationship with Weifu provides support for the industrialization of ProteanDrive,” said Protean Electric CEO, Kwok-Yin Chan.

Founded in 2008, Protean Electric has operations in the United Kingdom, Shanghai and the U.S., as well as a manufacturing plant in Tianjin, China. The company designs, develops and manufactures ProteanDrive, a full integrated in-while drive solution. It also plays a major role in the hybrid and electric vehicle market.

The automaker last raised a $70 million equity financing round from Go Scale Capital, Zhejiang VIE Science & Technology and Tianjin THSG Corporation back in July 2016. In April, Protean Electric announced its partnership with US-based LM Industries to develop autonomous electric vehicles.

Also read:

Protean Electric raises $70m from Chinese PE Go Scale, VIE, Tianjin

Ford to develop ride-hailing services, investing $4.5b in hybrid electric vehicles

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.