Evergrande Health subsidiary National Electric Vehicle Sweden (NEVS) has acquired in-wheel motor technology company Protean Electric.

Founded in 2008, Protean Electric prioritized the development of its ProteanDrive in-wheel motor technology, which combines power electronics and a direct-drive electric motor. The company holds over 160 patents on electric motors and power electronics design, control and production.

Protean Electric will operate independently under the Evergrande umbrella.

Protean CEO Ky Chan says, “This agreement will enable Protean Electric to fulfill its global potential and do so more rapidly. This acquisition will aid Protean Electric 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.”

Source: Protean Electric