<article>Chinese private equity <a style="color: #000080" href="http://www.dealstreetasia.com/?s=go+scale">Go Scale Capital,</a> Zhejiang VIE Science &amp; Technology and Tianjin THSG Corporation have led a $70-million equity financing round in the leading in-wheel electric drive systems developer Protean Electric.
Existing investors Oak Investment Partners and GSR Ventures also participated in this funding, according to the company’s announcement.</article>

Chinese private equity <a style="color: #000080" href="http://www.dealstreetasia.com/?s=go+scale">Go Scale Capital,</a> Zhejiang VIE Science &amp; Technology and Tianjin THSG Corporation have led a $70-million equity financing round in the leading in-wheel electric drive systems developer Protean Electric.
Existing investors Oak Investment Partners and GSR Ventures also participated in this funding, according to the company’s announcement.
The investment follows Protean&#8217;s announcement in May that it is setting up a manufacturing site in Tianjin, China to commercialise its model PD18 in-wheel motor to meet customer demand. It claims that its motors, which converts electricity directly into power and eliminates waste in power transmission, can boost efficiency up to 15 per cent.
The new funding will be used to ramp up production of the PD18 product line and to form a manufacturing joint venture with VIE. The joint venture will engage in production and marketing of other in-wheel motor products.
&#8220;This funding accelerates the adoption of our innovative technology in the booming electric vehicle market in China,&#8221; says KY Chan, CEO of Protean Electric.
China aims to have five million new energy vehicles on the road by 2020, and has focused on electrification of buses and logistics vehicles to achieve that goal.
Automakers in China are also forced to meet strict fuel economy standards, reaching 5 liter per 100 kilometers by 2020.
&#8220;Our investment will support Protean&#8217;s commercialization of in-wheel motors in China, where we are also focused on the EV market.  I am confident that Protean will quicken its success with its China-based launch pad,” Sonny Wu, Managing Partner of GO Scale Capital, added.
Protean Electric&#8217;s technology has played a major role in the global hybrid and electric vehicle. It has operations in the United Kingdom, Shanghai, China and the United States, and has a manufacturing plant in Tianjin, China.
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Protean Electric raises $70m from Chinese PE Go Scale, VIE, Tianjin

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

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