Chinese City Invests in Green Car Systems Maker Protean Electric in $84 Million Funding Round

U.S-based clean tech startup, Protean Electric, has closed a $84 million funding round from GSR Ventures, New Times Group, Oak Investment Partners, and the city of Liyang, Jiangsu province, China. In brief, the startup designs and builds in-wheel electric drive systems – dubbed Protean Drive – that helps vehicles increase fuel economy by over 30 percent. It holds 21 patents with more than 70 additional patent applications filed in North America, Europe ,and Asia.

Both GSR Ventures and Oak Investment have invested in quite a number of clean tech startups across the world as seen in their portfolios here and here respectively. The investment with the city of Liyang in particular will give legs to Protean Electric in China. Su Jianghua, the mayor of Liyang, said:

Liyang is becoming a well-known location for companies at the forefront of cutting-edge technology, especially in new energy, and we […] welcome Protean Electric to our city to manufacture their in-wheel electric drive system.

Besides the lower production costs associated with China, the demand for automobiles is also an incentive as Protean Electric enters the Chinese market. According to the China Daily, total vehicle registrations in China exceed a whopping 100 million units last year.

You can learn more about this investment news in the video clip below from Protean.

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