Business Wire

Protean Electric Secures $40 Million New Equity Financing and New Manufacturing Licensee

Del

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 represe ...

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.

Contact information

Media:
Protean Electric:
Matt Stevens
matt.stevens@proteanelectric.com
or
Viviana Pan
viviana.pan@proteanelectric.com
or
Weifu Group:
Weixing Zhou
web@weifu.com.cn

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(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

Unilever Calls on Content Creators and Distributors to Eradicate Stereotypes19.6.2018 17:42Pressemelding

Unilever is calling on content creators and distributors to act now to eliminate outdated stereotypes. The move marks the latest step in the company’s industry-leading Unstereotype initiative, which launched two years ago with the aim of eliminating harmful and diminishing portrayals of people across advertising. As part of its Unstereotype commitment Unilever is expanding that initiative across all forms of content and branded entertainment, and today announces a three-year multi-million-dollar deal with Rexona, the world’s biggest deodorant brand, and Simon Fuller’s XIX Entertainment. Rexona (also known as Sure, Degree and Shield depending on the country) will partner with NOW UNITED, the first ever global pop group comprised of 14 artists from 14 countries including Brazil, China, Germany, India, Philippines, Senegal, US and UK. Together, will co-create content across multiple channels that unites different cultures through the joy of dance, celebrating movement and inspiring people

Universal Laser Systems Expands Its Materials Database with Henkel, Hexcel and Saint-Gobain Materials19.6.2018 12:05Pressemelding

Universal Laser Systems (ULS) announces the addition of Henkel, Hexcel® and Saint-Gobain materials to its materials database, the most extensive repository of laser material processing parameters for materials in the range of 10 watts to 500 watts. The Henkel, Hexcel and Saint-Gobain materials new to the ULS materials database were specifically added for laser processing with the ULTRA and XLS platforms, suited for high accuracy and precision laser cutting, laser ablation and laser surface modification. The materials include: Henkel Bergquist™ Gap Pad® VO Thermal Material Henkel Bergquist™ Hi-Flow® 105 Thermal Material Henkel LOCTITE® EA 7000 AERO Film Henkel Hysol® EA 9696 AERO Film Henkel Bergquist™ Sil-Pad A2000 Thermal Material Hexcel® HexForce® 353 Aramid Fabric Hexcel® HexForce® 282 Carbon Fabric Saint-Gobain CHEMFILM® DF100 Cast PTFE Film Saint-Gobain CHEMFILM® ETFE-E2 Extruded Fluoropolymer Film Laser processing notes, describing the results of the laser-material interaction fo

Valence Advises Itaúsa on Sale of Brazilian Chemical Co Elekeiroz to H.I.G. Capital19.6.2018 11:57Pressemelding

The Valence Group acted as advisor to Itaúsa on its sale of Brazilian chemical company Elekeiroz for R$160 million (EV), reduced by the net debt and proportionate to its shareholding (96.5% of total capital stock). The Company is a leading local producer of oxo-alcohols, plasticizers and anhydrides. About Itaúsa Itaúsa is a Brazilian holding company which controls several companies active in areas such as the financial sector; industries include wood panels, bathroom fittings and fixtures; infra-structure; and retail. It is one of the largest private conglomerates in Brazil and one of the largest in the world. About Elekeiroz Founded in 1894 and headquartered in Várzea Paulista – São Paulo, Elekeiroz operates in the chemicals manufacturing market. Through two production sites in Várzea Paulista and Camaçari – Bahia, the Company’s portfolio includes Oxo-Alcohols, Plasticizers, Phthalic & Maleic Anhydrides, Sulfuric Acid and other by-products. Elekeiroz has a diversified client base, com

Dole Adds Industry Veteran Michael Solomon as President of Dole Fresh Vegetables19.6.2018 10:00Pressemelding

Dole Food Company, Inc. announced the appointment of Michael H. Solomon as the new President of Dole Fresh Vegetables effective June 18, 2018. As Dole Fresh Vegetables President, Solomon will have responsibility for all of the division's operations across North America. He will report directly to Dole Food Company President and Chief Executive Officer Johan Linden. With 30 years experience, including within the food and beverage industry, Solomon has a proven success record of taking high-performance brands to the next level, increasing performance and margins in sales, plant operations, and profit growth. Among other positions, Solomon has held roles of President of POM Wonderful and President and CEO of Ready Pac Foods, Inc., prior to joining Dole. “Michael has built an impressive track record of strategic, operational and commercial accomplishments,” said Johan Linden, President and Chief Executive Officer of Dole Food Company. “He has considerable experience and knowledge of the fr

IDEMIA Selected to Deliver Its Next Generation Fingerprint Matcher Engine as Part of the UK Home Office Biometrics Programme19.6.2018 07:54Pressemelding

This award will result in the deployment of the very latest IDEMIA fingerprint matching platform, which will deliver significant productivity improvements by offering increased accuracy fingerprint services to the stakeholders and users of the HOB Programme. In the first phase of the project IDEMIA’s solution will be deployed for use by United Kingdom National Law Enforcement agencies, to be closely followed by Immigration and Border stakeholders. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180619005576/en/ (Photo: IDEMIA) IDEMIA’s solution is based upon its MBSS Search Platform1 with additional Services. MBSS is a flagship product of IDEMIA, combining very high scalability (over 1 billion identities possible), very high availability – designed for mission-critical systems – and integrating IDEMIA’S world-leading biometric algorithms. The IDEMIA award results from a competitive procurement. Initially a five year contract,

Vincent Fournier Joins Binary Tree as Chief Innovation Officer19.6.2018 07:00Pressemelding

Binary Tree has named Vincent Fournier as its first chief innovation officer, reporting to CEO Nick Wilkinson. In this critical executive management role, Vincent will lead a fast-paced, innovative, and collaborative team that helps power digital transformation. His team will develop new products and services to meet the urgent and pervasive needs of customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180619005126/en/ Vincent Fournier, Chief Innovation Officer at Binary Tree. (Photo: Business Wire) “The appointment of Vincent to this important new role is a key part of our strategy to define and accelerate the next phase of growth for Binary Tree and continue to drive our competitive advantage,” said Binary Tree CEO Nick Wilkinson. “We have a clear strategy, focused on transformation, innovation and the evolution of Binary Tree within the broader Microsoft ecosystem.” “I am thrilled to be joining Binary Tree during suc