GSR Ventures leads $84m round in Protean Electric
GSR Ventures has led an $84 million funding round in US-based Protean Electric, a developer of in-wheel electric drive systems. The capital will be used to set up manufacturing facilities in Liyang, Jiangsu province, bringing Protean's electric drive technology into production.
New Times Group, a Liyang-based industrial group, and Oak Investment Partners, Protean's first venture investor, also participated in the funding round. The Liyang government is providing prototype manufacturing support, as well as favorable industrial policies.
"GSR is honored to lead this round of investment in a disruptive technology that we believe has great promise for the Chinese automotive market and potentially building a global EV platform," said Sonny Wu, a managing director at GSR.
The investment marks Protean Electric's entry into China, the world's largest automobile market, which saw sales in excess of 18.5 million units last year. Total vehicle registrations in China total more than 100 million.
"Liyang is becoming a well-known location for companies at the forefront of cutting-edge technology, especially in new energy, and we are very pleased to welcome Protean Electric to our city to manufacture their in-wheel electric drive system," said Liyang Mayor Jianghua Su.
Protean Electric's plans in China will start its prototype motor production early next year and volume production in 2014.
Founded in 2004, GSR has more than 50 companies in its portfolio and over $1 billion under management. Protean Electric is the company's 11th investment in energy-efficient companies.
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