Protean Electric Secures $40 Million New Equity Financing and New Manufacturing Licensee
Protean Electric, an automotive technology company and the world’s leader of in-wheel electric drive systems, announces the completion of a $40 million equity investment as the initial closing of its Series E funding round.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180531005888/en/
Weifu Chairman Chen Xuejun and Protean CEO Kwok-yin Chan signing the closing documents, with representatives from Oak Investment Partners, Weifu and Protean (Photo: Business Wire)
The investor group is led by Weifu High-Technology Group Co., Ltd. (000581.SZ), a leading diversified automotive component manufacturer, and Oak Investment Partners, Protean’s charter investor and long-established, multi-stage venture capital firm.
The Series E financing proceeds will support Protean’s on-going business activities and help to establish a global licensing model covering all key markets. Weifu have further invested in the relationship by agreeing to form a Joint Venture in China for the manufacture of ProteanDrive Pd18. A technology center will be set up within the Joint Venture to focus on customer application engineering and manufacturing process engineering. Under the leadership of Protean’s technology center in England, the Joint Venture will support product development and continuous engineering of in-wheel motor products.
Kwok-Yin Chan, CEO of Protean Electric said: “This investment supports Protean Electric’s position as the world leader of in-wheel motor technology and eDrive systems. As we win more customer projects, our investors are convinced our technology offers tangible vehicle level benefits. The relationship with Weifu also provides great support for the industrialization of ProteanDrive, allowing us to focus on our technology and software to deliver enhanced vehicle functionality such as augmented ABS, torque vectoring, and control of the digital corner.”
Xuejun Chen, Chairman of Weifu commented: “We believe Protean Electric’s in-wheel motor technology will have a transformative impact on the industry and all vehicle users. Protean’s wheel motors allow designers to develop vehicles focused 100% on client need, with more space, lower floors, greater comfort and even vehicles you can walk into that will travel and park sideways. We are pleased to support Protean as a strategic partner.”
Bandel Carano, Managing Partner at Oak Investment Partners said: “Protean’s patented technology and development of ProteanDrive in-wheel motor products is creating tremendous interest. As the world accelerates digital transformation and vehicles become more autonomous, a smart, stand-alone drive solution that includes integrated power electronics, digital control, embedded autonomous EV sensors and friction brake is set to change how we view and experience transportation.”
About Protean Electric
Protean Electric is a leading automotive technology company that designs, develops and manufactures ProteanDrive, a fully integrated in-wheel drive solution. Protean Electric's technology is strategically positioned to play a major role in the hybrid and electric vehicle market by offering a combination of packaging advantages, new vehicle design opportunities, performance benefits and cost savings.
Using a scalable and patented sub-motor architecture, the current Pd18 product, designed to fit inside an 18” wheel rim, provides the power and torque required to propel hybrid and electric vehicles from C-segment all the way to light commercial categories.
Protean maintains operations in the United Kingdom, China and the USA, with its manufacturing plant at Tianjin, China. For more information, visit www.proteanelectric.com.
About Weifu High-Technology Group CO.,Ltd.
Weifu High Technology Group Co., Ltd. (000581.SZ) is an automotive component manufacturer, and one of the Top 30 Automotive Enterprises. Operating since 1958 in China, Weifu Group leads in automotive fuel in-take and exhaust systems. With 10 wholly owned and majority owned subsidiaries including 2 joint ventures, and one JV with minority interest, Weifu Group has international presence in the US, Middle East and Southeast Asia. Weifu Group is a profitable Shenzhen Stock Exchange listed company, with 2017 revenue exceeding RMB 9 billion, and total assets exceeding RMB 20 billion (approx. $3 billion).
About Oak Investment Partners
As a multi-stage venture capital firm, Oak focuses on high-growth opportunities in the Information Technology, Internet and Consumer, Financial Services Technology, Healthcare Information and Services, and Clean Energy sectors. The company’s goal is to help dynamic companies transform the way business is done. Since its inception in 1978, the firm has invested $9 billion in over 525 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy.
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
Phase 3 Data on Filgotinib in Biologic-Experienced Rheumatoid Arthritis to Be Presented at 2018 ACR/ARHP Annual Meeting20.10.2018 22:30 | Pressemelding
Gilead Sciences, Inc. (Nasdaq: GILD) and Galapagos NV (Euronext & NASDAQ: GLPG) today announced detailed results from the Phase 3 FINCH 2 clinical trial of filgotinib, an investigational, selective JAK1 inhibitor, in adults with moderately-to-severely active rheumatoid arthritis and prior inadequate response or intolerance to biologic agents. The data, which are being presented as a late-breaking poster at the 2018 American College of Rheumatology/Association of Rheumatology Health Professionals (ACR/ARHP) Annual Meeting in Chicago, suggest filgotinib has a potential role in addressing important unmet needs in the treatment of rheumatoid arthritis. Positive efficacy data from FINCH 2 were previously announced in September 2018. The data show statistically significant improvements in the proportion of patients achieving a range of clinical efficacy endpoints, including the proportion of patients achieving American College of Rheumatology 20 percent (ACR20, primary endpoint), 50 percent
Manchester United and True Religion Launch Denim Range19.10.2018 17:37 | Pressemelding
Manchester United (NYSE:MANU) and luxury denim brand True Religion have collaborated to launch a range of premium club branded denim wear. A first for the club, the new global partnership with the iconic American denim brand will see a range of men’s & women’s co-branded styles go on sale beginning 26th October in the club’s Megastore as well as online via United Direct and truereligion.com & eu.truereligion.com. The exclusive collection features jeans, shirts and jackets, including a highly desirable limited edition denim jacket embroidered with the club’s crest. Fans will have the opportunity to win a selection of clothing from the new range by visiting www.manutd.com/truereligion. Manchester United’s Group Managing Director, Richard Arnold, comments: “True Religion is a well-known, established name in fashion, creating unique designs without compromising on quality. The range we have collaborated on includes the same attention to detail and craftsmanship that has made True Religion
Arch Insurance Announces Strategic Leadership Changes19.10.2018 13:10 | Pressemelding
Arch Insurance today announced that Matt Shulman will assume the newly created role of CEO, Arch Insurance North America, effective January 1, 2019. In this role, he will lead Arch Insurance’s operations in the United States and Canada. He will report to Nicolas Papadopoulo, Chairman and CEO of Arch Worldwide Insurance Group. Mr. Shulman, who has more than 20 years of experience in the insurance industry, has been with Arch Insurance since 2009 and has served as the President and CEO of Arch Insurance Europe since 2016. “Matt brings significant U.S. and international experience to this role. Under his leadership, together with our senior team, Arch Insurance will continue to enhance our value proposition to our customers through a robust, diversified product portfolio, creative solutions and excellent service,” Mr. Papadopoulo said. Arch Insurance has also created a new organizational structure with three Chief Underwriting Officers (CUO) dedicated to specific lines of business. These
Takeda to Present Results from Phase 3 ALTA-1L Trial Highlighting Intracranial Efficacy of ALUNBRIG® (brigatinib) Versus Crizotinib in First-Line Advanced ALK+ Non-Small Cell Lung Cancer19.10.2018 12:00 | Pressemelding
Takeda Pharmaceutical Company Limited (TSE: 4502) today announced that intracranial efficacy data from the Phase 3 ALTA-1L (ALK in Lung Cancer Trial of BrigAtinib in 1 st Line) trial showed improved intracranial progression-free survival (PFS) and intracranial objective response rate (ORR) with ALUNBRIG (brigatinib) compared to crizotinib among anaplastic lymphoma kinase-positive (ALK+) non-small cell lung cancer (NSCLC) patients. Data for these secondary endpoints will be presented in a poster discussion at the European Society for Medical Oncology (ESMO) 2018 Congress on Friday, October 19 at 2:00 p.m. CET in Munich, Germany. These results further support ALUNBRIG as a potential treatment for adults with ALK+ locally advanced or metastatic NSCLC who had not received a prior ALK inhibitor. ALUNBRIG is currently not approved as first-line therapy for advanced ALK+ NSCLC. “ALK+ NSCLC often spreads to the brain, so having options that can clearly demonstrate efficacy both in the brain an
Vertex Receives European CHMP Positive Opinion for KALYDECO® (ivacaftor) to Treat Patients With Cystic Fibrosis Aged 12 to <24 months With Certain Mutations in the CFTR Gene19.10.2018 11:54 | Pressemelding
Vertex Pharmaceuticals (Europe) Limited today announces that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for KALYDECO® (ivacaftor) to include the treatment of people with cystic fibrosis (CF) aged 12 to <24 months who have at least one of the following nine mutations in their cystic fibrosis transmembrane conductance regulator (CFTR) gene: G551D, G1244E, G1349D, G178R, G551S, S1251N, S1255P, S549N or S549R. If the European Commission issues a favorable adoption of the EMA CHMP opinion for the extension of indication, ivacaftor will be the first and only medicine approved in Europe to treat the underlying cause of CF in patients aged 12 to <24 months, who have specific mutations in the CFTR gene. “Cystic fibrosis is a chronic, progressive disease that is present at birth, with symptoms often occurring in infancy, so early treatment is crucial to deliver the best possible outcomes for patients,” said Reshma Kewalr
Schlumberger Announces Third-Quarter 2018 Results19.10.2018 11:00 | Pressemelding
Schlumberger Limited (NYSE: SLB) today reported results for the third quarter of 2018. (Stated in millions, except per share amounts) Three Months Ended Change Sept. 30, 2018 Jun. 30, 2018 Sept. 30, 2017 Sequential Year-on-year Revenue $8,504 $8,303 $7,905 2% 8% Pretax operating income $1,152 $1,094 $1,059 5% 9% Pretax operating margin 13.5% 13.2% 13.4% 36 bps 15 bps Net income - GAAP basis $644 $430 $545 50% 18% Net income, excluding charges & credits* $644 $594 $581 8% 11% Diluted EPS - GAAP basis $0.46 $0.31 $0.39 48% 18% Diluted EPS, excluding charges & credits* $0.46 $0.43 $0.42 7% 10% North America revenue $3,189 $3,139 $2,602 2% 23% International revenue $5,215 $5,065 $5,147 3% 1% North America revenue, excluding Cameron $2,572 $2,546 $2,086 1% 23% International revenue, excluding Cameron $4,559 $4,387 $4,430 4% 3% *These are non-GAAP financial measures. See section below entitled "Charges & Credits" for details. Schlumberger Chairman and CEO Paal Kibsgaard commented, “Our third