Wedoany.com Report on Mar 19th, Protean Electric, a company specializing in hub motor technology, has been acquired by EXEDY Corporation from the BEDEO Group. EXEDY is a well-known developer and manufacturer of powertrain components.
Under EXEDY's ownership, Protean will be able to produce hub motors on an industrial scale and meet market demand at a more competitive cost. As the automotive industry evolves towards electrification, support from the Tier 1 supplier EXEDY will drive further development and market expansion of Protean's products.
During its management under the BEDEO Group, Protean achieved several industry milestones, including production nominations from mainstream automakers, industrialization of its Pd18 product under the IATF 16949 standard, and certification of the first electric passenger car equipped with hub motors. These advancements laid the groundwork for the commercialization of hub motor technology.
Tetsuya Yoshinaga, CEO of EXEDY, stated: "This acquisition enables EXEDY to address the ongoing shift towards electrification in the automotive industry, which is a key pillar of our business. Protean is at the forefront of hub motor development, manufacturing, and sales, with a proven track record of commercial deployment. By integrating the technological strengths of both companies, we plan to continue offering competitive products and services."
Andrew Whitehead, CEO of Protean Electric, said: "This transaction marks a significant step forward in the adoption of ProteanDrive as a mainstream powertrain solution for the automotive industry. Being acquired by EXEDY allows our automotive manufacturer customers to adopt hub motors in future products with greater confidence. For years, many have recognized the potential of ProteanDrive to enhance electric vehicle performance—this deal provides us with the industrial scale to deliver sustainable, cost-competitive products that turn that potential into reality."
Osman Boyner, CEO and Founder of BEDEO, commented: "I wish Protean all the best as it begins a new chapter under EXEDY. Even before our acquisition of Protean in 2021, BEDEO was a strong advocate for this technology, and we will continue as a customer and partner for Protean in the retrofit market. I look forward to continuing the journey alongside Protean and EXEDY."
Protean Electric looks forward to continuing to advance hub motor technology as part of the EXEDY Group, helping customers bring more differentiated and cost-effective vehicles to market.
