GKN joins EVO in electric drivetrains

GKN is to take a 25.1% share in Imperial College spin-out EVO Electric which specialises in technology for drivetrains in hybrid and electric vehicles.

GKN will also establish a joint venture with EVO to develop, manufacture and sell motors and drive systems for electric and hybrid vehicles.

“It’s a major break-through for us,” says EVO CEO David Latimer,  “it will be pivotal in establishing EVO as a key player in the fast-growing global market for electric drive components.”

EVO’s motors, generators and drive systems are supplied to Jaguar Land Rover, Lotus Cars and Nissan among other automotive manufacturers. EVO also has military and marine customers.

EVO says that its Axial Flux technology reduces weight and volume, increases efficiency and has control and manufacturing advantages.

EVO was advised on the deal by Ascendant, the high-tech finance house.

The JV – to be known as GKN EVO eDrive Systems – will develop, manufacture and sell Axial Flux electric motors and drive systems for use in hybrid and electric vehicles. 

Headquartered in the UK, it will leverage technology and expertise in hybrid, plug-in hybrid and electric drivetrains from both partners. 

The JV aims to capture a share of the rapidly growing market for hybrid and electric vehicle systems which, according to McKinsey, could be a components market worth €20bn+ by 2020.

“This strategic addition will enhance GKN Driveline’s ability to meet its customers’ needs in drivetrain electrification,” says Nigel Stein, CEO of GKN Driveline.

EVO was spun out from Imperial College London in 2006 with financial backing from investors including Imperial Innovations.