Sweden’s NEVS Buys Protean Electric

National Electric Vehicle Sweden AB has acquired Protean Electric Inc., a Troy, Mich.-based company that produces in-wheel electric drive motors. Financial terms weren’t disclosed.

When the deal is completed, Protean will become part of NEVS’ Virtue Surge subsidiary. Protean is expected to supply electric motors to future NEVS electric cars.

Founded in 2008, Protean claims to be the world’s largest supplier of in-wheel motors. The company says it has more than 160 patents and 150 more pending worldwide.

The company says its in-wheel motors provide improved efficiency and greater design flexibility than stand-alone units. The company’s high-torque ProteanDrive system combines a direct-drive electric motor and power electronics that can be used in vehicles ranging from midsize passenger cars—including autonomous models—to light commercial trucks. Last year, Canada’s Linamar Corp. inked a deal to produce and sell Protean motors under license. 

NEVS bought the assets of bankrupt Saab Automobile AB in 2012. Chinese property developer Evergrande Group acquired a 51% stake in NEVS earlier this year.

As part of Evergrande’s goal to become a leading EV maker, NEVS recently acquired a 20% stake with Sweden’s Koenigsegg AB. NEVS and Koenigsegg also formed a joint venture to produce electric vehicles. Evergrande aims to have annual capacity of 1 million EVs among its various companies by 2022.