EVO Electric, a developer of advanced electric drive solutions for the automotive sector (earlier post), has formed a joint venture with GKN Driveline, part of GKN plc, 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 £5 million (US$8.1) consideration in cash.
The joint venture will be headquartered in the UK and will leverage advanced technology and expertise in hybrid, plug-in hybrid and electric drivetrains from both partners.