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GKN confirms joint venture with Engine Expo North America exhibitor

GKN Driveline has formed a joint venture with Engine Expo North America exhibitor, EVO Electric. The new partnership will see the two suppliers manufacture and sell axial flux electric motors and drive systems for use in hybrid and all-electric vehicles.

The new JV will be called GKN EVO eDrive Systems. As part of the deal, GKN will also acquire 25.1% of 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 JV. The total value of GKN’s investment at closing is £5 million consideration in cash.

EVO Electric, which will be exhibiting at Engine Expo North America on October 25, 26 and 27 in Novi, Michigan, develops and manufactures advanced electric machines, hybrid drivetrains and generator sets for a wide range of transportation and mobile power applications. The core competence is the design and integration of high torque electric motors and generators based on axial flux technology, enabled by innovations in materials, design and manufacturing. EVO Electric’s proprietary axial flux system provides significant benefits in torque and power density, efficiency and cost compared to conventional radial flux machines.

GKN Driveline is already a pioneer in the development and supply of e-transmissions and e-axles for hybrid and electric vehicles. The new venture will enable GKN Driveline to offer advanced axial flux motors and generators, adding to its existing e-drive systems portfolio and enhancing its capability in full driveline systems.

GKN EVO eDrive Systems aims to capture a share of the rapidly growing market for hybrid and electric vehicle systems. 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.

Nigel Stein, CEO of GKN Driveline said: “This strategic addition will enhance GKN Driveline’s ability to meet its customers’ needs in drivetrain electrification. It is aligned with our strategy of supporting vehicle manufacturers as they search for fuel savings and reduced CO2 emissions through hybrid and electric drive vehicles.” David Latimer, CEO of EVO Electric added: “This alliance with one of the automotive world’s leading tier one suppliers and a leader in electric-drive axle and transmission technology represents a major break-through for us.”

For more information on Engine Expo 2011 North America, a new, exciting and dedicated international trade fair for automotive powertrain design, production, components, and technology, please visit: http://www.engine-expo.com/usa/

 

 

28 June 2011


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