Protean Electric Receives $70 Million in New Funding for In-Wheel Drive Systems

Protean Electric, a company specializing in the development and commercialization of in-wheel drive systems in Shanghai, China, received $70 million in new funding from GO Scale Capital, Zhejiang VIE Science & Technology Co. Ltd., and Tianjin THSG Corp. (existing investors Oak Investment Partners and GSR Ventures co-invested in the equity financing round) to ramp up production in China of the PD18 production line for electrified vehicles, as well as new product development and formation of a manufacturing joint venture with VIE, an automotive parts supplier in China providing pneumatic and hydraulic brake systems, power-steering assemblies, and engineering plastic parts.