Imperial: Automotive supplier GKN forms joint venture with EVO Electric

Imperial Innovations Group plc announces that portfolio company EVO Electric Ltd., a pioneer in advanced electric drive solutions for the automotive sector, has formed a Joint Venture (‘JV‘) with GKN Driveline, a division of GKN Plc (LSE:GKN), the world’s leading supplier of automotive driveline systems and solutions. GKN will also acquire a 25.1% stake in EVO Electric.

GKN has invested £5m in cash and will provide engineering and commercial resources for the development of Evo Electric and the JV.

The JV will be known as GKN EVO eDrive Systems.  It will manufacture and sell drive systems based on EVO’s Axial Flux motor technology for use in hybrid and all-electric vehicles. The operations will be headquartered in the UK and aim to capture a share of the growing global market for hybrid and electric vehicle drive systems.

EVO Electric, already a leader in Axial Flux motor/generator technology, will supply advanced electric drive technology and associated vehicle integration expertise to the JV.

GKN Driveline, whose customers include virtually every car manufacturer in the world, is already a pioneer in the development and supply of eTransmissions and eAxles for hybrid and electric vehicles.

Susan Searle, Chief Executive Officer of Imperial Innovations, said: “This is a very important development for EVO Electric and is a great endorsement of its technology by a leading automotive supplier.  EVO Electric has already established substantial customer interest. The JV with GKN Driveline will help ensure this demand can be met. “This development is also a good demonstration of the strength of Innovations‘ emerging companies and their compelling technologies.“

David Latimer, CEO of EVO Electric said: “This alliance with one of the world’s leading automotive Tier One suppliers represents a major break-through for us.  It will be pivotal in establishing EVO as a key player in the fast-growing global market for electric drive components.”