National Electric Vehicle Sweden (NEVS), a subsidiary of Evergrande Health, has acquired a leading developer of in-wheel motor technology, Protean Electric.

The acquisition is part of Evergrande's strategy to become a major player in the global electric vehicle (EV) industry and paves the way for NEVS to deploy Protean Electric's in-wheel electric drive technology, ProteanDrive, into its future products.

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Protean Electric is an automotive technology innovator and developer of in-wheel motors (IWMs) and future propulsion products. Founded in 2008, it has devoted over a million engineering man hours to develop and validate ProteanDrive. The business has over 160 patents globally across electric motor and power electronics design, control and manufacturability, with another 150 pending, and its motors are subjected to industry-leading test criteria to ensure they meet existing automotive standards.

Compared to conventional electrified powertrains, the highly-integrated in-wheel motors offer improved powertrain efficiency and greater flexibility in vehicle design. The patented high-torque density technology combines a direct drive electric motor and power electronics which can be used on a range of platforms, including passenger cars, light commercial vehicles, urban mobility vehicles and autonomous pods.

Protean Electric will continue to operate as an independent business under the Evergrande umbrella, developing future powertrain and mobility products to meet the needs of the market. Formally, Protean Holdings will now be merged into Virtue Surge, a subsidiary of NEVS. The acquisition will provide additional resources and business opportunities for Protean Electric, giving the company access to an even broader pool of skills, knowledge and experience, as well as a sizeable customer in NEVS.

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Stefan Tilk, CEO of NEVS said: "Protean Electric is an exciting company with very competitive technologies. I am sure this acquisition will lead to many benefits for both."

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KY Chan, CEO of Protean Electric added: "This exciting new agreement will enable Protean Electric to fulfil its global potential, and to do so more rapidly. This acquisition will aid us in establishing a strategic advantage in the new energy and mobility markets and bring in new expertise. Evergrande is a well-established and ambitious business, determined to make a mark in the clean mobility arena across the world. We look forward to working closely with the Evergrande and NEVS teams to deploy our technologies."

In January 2019 Evergrande Health acquired a (51%) controlling stake in NEVS.