GKN and EVO Electric form Joint Venture to manufacture electric motors and hybrid and electric drive systems
London, England – EVO Electric, a pioneer in advanced electric drive solutions for the automotive sector, announces that it has formed a joint venture with GKN Driveline, part of GKN plc (LSE:GKN), to develop, manufacture and sell Axial Flux electric motors and drive systems for use in hybrid and electric vehicles. As part of the agreement, GKN will also acquire a 25.1% stake in EVO Electric. GKN will provide financing in a combination of debt and equity together with engineering and commercial resources to enable the establishment and growth of the joint venture. The total value of GKN’s investment at closing is £5m consideration in cash.
The joint venture will be headquartered in the UK and will leverage state-of-the-art technology and expertise in hybrid, plug-in hybrid and electric drivetrains from both partners.
The joint venture — known as GKN EVO eDrive Systems — aims to capture a share of the rapidly growing market for hybrid and electric vehicle systems. EVO Electric was spun off from Imperial College London in 2006 with financial backing from investors including Imperial Innovations. Since then, the company has established itself as a supplier of high-torque, high-power motors, generators and integrated drive systems to manufacturers including Jaguar Land Rover, Lotus Cars, Nissan and a range of other clients in the automotive, military and marine industries. EVO Electric’s Axial Flux technology is unique in the industry, offering a powerful combination of weight, volume, efficiency, control and manufacturing advantages, which in turn translate into lighter, smaller and more efficient hybrid and electric drivetrains.