U.S. firm to build electric drive systems in China
U.S. supplier Protean Electric plans to launch production of its in-wheel electric motors in 2014 in Liyang in east China's Jiangsu province.
Early next year, the Liyang facility will start producing prototype motors, which are designed for conventional hybrid vehicles, plug-in hybrids and pure electric vehicles.
The project was disclosed last week after the company received $84 million (5.4 billon yuan) in funding from several investment companies and the Liyang city government.
The investors are venture capital firms GSR Ventures and Oak Investment Partners, and Jiangsu New Times Holding Group Co., a Liyang-based industrial group.
"With this round of investment in place, Protean Electric is now positioned to move aggressively to production and into the market,"
said Bob Purcell, chairman and CEO of Protean Holdings Corp.
Protean will produce motors itself for low-volume customers, and will license its motors to high-volume customers and partners, Purcell added.
Protean says it has developed several demonstration hybrid and electric vehicles equipped with its electric motors.
These vehicles include a Ford F-150 pickup truck, the Volvo C30, the Vauxhall Vivaro cargo van and Guangzhou Automobile Group Co.'s Trumpchi-badged sedan as well as electric and hybrid vehicles based on the Mercedes-Benz E-Class.
The project was disclosed last week after the company received $84 million (5.4 billon yuan) in funding from several investment companies and the Liyang city government.
The investors are venture capital firms GSR Ventures and Oak Investment Partners, and Jiangsu New Times Holding Group Co., a Liyang-based industrial group.
"With this round of investment in place, Protean Electric is now positioned to move aggressively to production and into the market,"
said Bob Purcell, chairman and CEO of Protean Holdings Corp.
Protean will produce motors itself for low-volume customers, and will license its motors to high-volume customers and partners, Purcell added.
Protean says it has developed several demonstration hybrid and electric vehicles equipped with its electric motors.
These vehicles include a Ford F-150 pickup truck, the Volvo C30, the Vauxhall Vivaro cargo van and Guangzhou Automobile Group Co.'s Trumpchi-badged sedan as well as electric and hybrid vehicles based on the Mercedes-Benz E-Class.
