Evergrande Health recently published an announcement, stating that its subsidiary National Electric Vehicle Sweden AB has completed acquisition of Protean Holdings Corp. by merging the latter into its subsidiary Virtue Surge Limited.

According to the announcement, Protean is a global leader in the passenger car hub motor technology sector. Its technical research and development has better solved many industry difficulties such as hub motor control, protection level, reliability, and heat management. Its special software covers advanced motor control, diagnosis, car-level communication, and high-class automobile power function.

Protean's current fourth-generation hub motor "Pd18" technology mainly targets passenger car, small business car, and unmanned vehicle.

At present, Protean has a global R&D expert and international professional management team of over 130 people and its total product R&D hours are more than one million hours. The company has gained over 150 technology patents and another 150 are yet to be granted.

Evergrande Health said that with the acquisition, they are able to further enhance their control over hub motor technology, so as to further improve their full value chain strategic distribution in the new energy car industry.

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