GKN Driveline has formed a joint venture with EVO Electric Ltd to manufacture and sell axial flux electric motors and drive systems for use in hybrid and all-electric vehicles.
The new business, GKN EVO eDrive Systems, will be headquartered in the UK and aims to capture a share of the rapidly growing market for hybrid and electric vehicle systems. In a recent study by McKinsey & Co., (the international management consultancy), the global market for electric motors alone is estimated to be more than €20 billion by 2020.
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 joint venture. The total value of GKN’s investment at closing is £5million consideration in cash.
EVO Electric develops and manufactures advanced electric machines, hybrid drive trains 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 technology provides significant benefits in torque and power density, efficiency and cost compared to conventional radial flux machines. Alongside the transmission, batteries and power electronics, the electric motor is one of the four core ‘building blocks’ of an electric vehicle’s powertrain.
GKN Driveline is already involved in the development and supply of eTransmissions and eAxles for hybrid and electric vehicles. This venture will enable GKN Driveline to offer advanced axial flux motors and generators, adding to its existing eDrive Systems portfolio and enhancing its capability in full driveline systems, in response to the demands of its customers.
Edited by: Paul Whittaker, Editor ipmd.net, [email protected]