LONDON, U.K. – BEDEO, a technology company and pioneer in the electrification of transport, today announced that it has acquired Protean Electric from National Electric Vehicle Sweden (NEVS), a subsidiary of Evergrande New Energy Vehicle Group.
The combination of BEDEO and Protean Electric brings together two highly synergistic providers of electric vehicle technology solutions as BEDEO evolves into a diversified, best-in-class platform that helps companies transition to zero-emission mobility.
Headquartered in the United Kingdom, Protean Electric is an automotive technology company whose world-leading ProteanDrive in-wheel motor (IWM) technology improves electric passenger cars, light commercial vehicles and future transport solutions. ProteanDrive delivers torque and power directly to the wheels with no shafts or gears, and is both lighter and more efficient than conventional EV powertrains. By putting the power in the wheels, ProteanDrive dramatically increases the available space in vehicle architectures for OEMs. This flexibility solves many of the challenges OEMs have in electrification of their product offering today, tomorrow and into the future. Protean Electric has an extensive intellectual property portfolio with over 300 issued and pending patents, and approximately 150 employees across the U.S., the U.K. and China. Protean Electric will continue to operate under its leading brand and will be led by its existing management team.
BEDEO’s Founder and CEO, Osman Boyner: “We have known and partnered with Protean Electric for many years and the opportunity to acquire this business represents a material but natural shift and acceleration in BEDEO’s electrification strategy. Protean Electric’s highly differentiated proprietary technology and strong customer relationships have fuelled its well-documented success to-date and we are confident that combining the skills and products of our two operations is going to propel BEDEO further into the EV ecosystem. Protean is the first acquisition under BEDEO’s expansive growth strategy, which was initiated after the successful capital raise from the sustainability focussed, institutional investor, Ludgate, earlier this year. The company retains a strong balance sheet and continue to explore attractive strategic and synergic acquisition opportunities in the electrification space.”
Protean Electric’s CEO, Andrew Whitehead: “We’re immensely excited to join forces with BEDEO and look forward to our combination taking the company to the next level both in terms of scale and product offering. This acquisition ensures we will be well capitalized to meet the burgeoning demand from existing and new customers. The paradigm shift towards electrification in transportation requires our customers to adapt their products to their changing needs and, together, we are ideally placed to accelerate this transition.”
Financial terms of the transaction were not disclosed.