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.