UK vehicle electrification specialist BEDEO has acquired in-wheel motor (IWM) technology specialist Protean Electric as it continues to expand its focus.
Previously owned by National Electric Vehicle Sweden (NEVS) – the Swedish electric car subsidiary of Evergrande New Energy Vehicle Group – Protean Electric is an automotive technology company primarily focused on its IWM solution. An alternative to conventional EV powertrains, its technology delivers torque and power directly to the wheels with no shafts or gears, and is lighter and more efficient. It also significantly increases the available space in vehicle architectures for OEMs.
It’s headquartered in the UK and has more than 300 issued and pending patents, along with some 150 employees across the US, UK and China.
The acquisition will see Protean Electric retain its branding and existing management team, while supporting BEDEO’s evolution.
Formerly known as BD Auto and Energy Ltd, BEDEO manufactures and assembles its entire electrification range in-house, including powertrains, battery packs and electric vehicle conversion.
It’s recently expanded its platform to OEMs, where it acts as the electrification specialist for other brands.
BEDEO said the deal with Protean would accelerate its work and expand its geographical reach from the UK and Europe to the United States and Asia.
Founder and CEO Osman Boyner commented: “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 Electric CEO Andrew Whitehead continued: “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 capitalised 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.”
It’s the first acquisition under BEDEO’s ambitious growth strategy, deployed on the back of a successful capital raise from sustainability-focused institutional investor Ludgate earlier this year.
BEDEO has also said it continues to explore” attractive strategic and synergic acquisition opportunities in the electrification space”.
