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Protean Electric, a developer of in-wheel motor technology based in Surrey, has been acquired by international drivetrain components manufacturer EXEDY Corporation. The deal will help Protean to meet market demand for its in-wheel motors at industrial scale and competitive cost.
EXEDY Corporation, a Japanese Tier 1 supplier, has acquired the Farnham-headquartered business from previous owner BEDEO Group. Under BEDEO’s ownership, Protean achieved a number of industry firsts, such as production nomination from a mainstream OEM, industrialisation under IATF 16949 of its Pd18 product and the homologation of the first electric passenger vehicle with in-wheel motors.
In the year to December 31 2024, Protean Electric Limited reported revenues of £8 million, up from £3.9 million a year earlier, while cutting operating losses from £6.6 million to around £5.4 million.
Andrew Whitehead, Chief Executive of Protean Electric, commented: "This transaction represents a major step in the adoption of ProteanDrive as a mainstream drivetrain solution for the automotive industry. Our acquisition by EXEDY allows our OEM customers to confidently enable their future products with in-wheel motors.”
"The potential for ProteanDrive to allow OEMs to deliver better electric vehicles has been clear to many for years – this transaction provides us with the industrial scale to offer a sustainable, cost-competitive product that turns the potential into reality."
Tetsuya Yoshinaga, Chief Executive of EXEDY Corporation, said that the deal would enable the group to “address the ongoing shift toward electrification in the automotive industry, a key pillar of our business.”
Yoshinaga continued: "Protean is a market leader that develops, manufactures, and sells in-wheel motors - drive motors integrated into the wheels – which already has a track record of commercial deployment.”
"Through the acquisition EXEDY intends to combine the technological strengths of both companies to continue providing competitive products and services."
Osman Boyner, founder and Chief Executive of BEDEO, which acquired Protean in 2021, said that the firm would continue to be a customer and partner of the business in the retrofit market.
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