Market Overview

SKF Partners with Protean Electric to Develop Advanced Drive Solutions for the Hybrid and Electric Vehicle Markets

GÖTEBORG, Sweden--(BUSINESS WIRE)--

SKF (LSE:SKFB)(STO:SKFA)(STO:SKFB) has signed a strategic partnership agreement with US-based Protean Electric where SKF will supply its expertise and advanced automotive solutions for Protean's in-wheel electric drive for the hybrid and electric vehicle markets.

The Protean-SKF strategic partnership is a five-year agreement that initially focuses on a unique wheel bearing system with integrated sealing and sensors developed specifically for Protean Electric. Beyond this initial project, the companies will both look for new areas of collaboration that capitalize on their core expertise.

“Aligned with our SKF BeyondZero strategy, SKF is committed to developing technology to support the electric and hybrid vehicle market to further reduce the carbon footprint. Combining our engineering knowledge with Protean's expertise for in-wheel motors will be an excellent way to develop this market,” says Tryggve Sthen, President, SKF Automotive.

Protean Electric is a leading clean technology company that designs, develops and manufactures the Protean Drive™, a fully integrated, in-wheel motor, direct-drive solution for electric hybrid vehicles.

“We are very pleased to partner with SKF,” says Bob Purcell, chairman and CEO, Protean Holdings Corp. “The bearing design has a significant influence on the performance of the in-wheel motor and only SKF can supply a bearing to meet the requirements for this unique application. In addition, they have the competence and skills to support the entire development lifecycle and series production.”

SKF is a leading global supplier of bearings, seals, mechatronics, lubrication systems, and services which include technical support, maintenance and reliability services, engineering consulting and training. SKF is represented in more than 130 countries and has around 15,000 distributor locations worldwide. Annual sales in 2011 were SEK 66,216 million and the number of employees was 46,039. www.skf.com

® SKF is a registered trademark of the SKF Group. ™ BeyondZero is a trademark of the SKF Group.

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MEDIA HOTLINE:
46 31 337 2400
or
PRESS:
Rebecca Janzon, Director, Press Relations
tel: 46 31 337 3880
mobile: 46 727-173880
e-mail: rebecca.janzon@skf.com
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INVESTOR RELATIONS:
Marita Björk, Director, Investor Relations
tel: 46 31-337 1994
mobile: 46 705-181994
e-mail: marita.bjork@skf.com

 

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