EVO Electric has formed a joint venture with GKN Driveline to develop, manufacture and sell Axial Flux electric motors and drive systems for hybrid and electric vehicles.
Under the terms of the agreement, GKN will take a 25.1 per cent stake in the developer of advanced electric drive solutions and will provide financing in the form of a combination of debt and equity as well as engineering and commercial resources. The total value of its investment is estimated at £5million.
The venture will be headquartered in the UK and will use expertise in hybrid, plug-in hybrid and electric drivetrains from both partners.
To be known as GKN EVO eDrive Systems, its aim is to capture a share of the growing market for hybrid and electric vehicle systems with predictions suggesting electric motors alone could be worth more than €20billion by 2020.
EVO Electric was formed from Imperial College London back in 2006 and has established itself as a supplier of high torque, high power motors, generators and integrated drive systems. Its Axial Flux technology combines weight, volume, efficiency, control and manufacturing advantages which help produce smaller and more efficient hybrid and electric drivetrains.
