Bedeo acquires Evergrande’s Protean Electric

Electric mobility company Bedeo said on Thursday it has bought Protean Electric from China Evergrande Group’s automotive unit.

Bedeo is purchasing Protean from National Electric Vehicle Sweden, a unit of Evergrande New Energy Vehicle Group.

Protean was founded in 2008 and has over 160 patents globally.

Evergrande bought Protean in 2019.

Protean produces in-wheel motor.

Bedeo did not reveal the financial terms of the deal.

“This acquisition ensures we will be well-capitalized to meet the burgeoning demand from existing and new customers,” Protean’s CEO Andrew Whitehead said.