UK-listed industrial group GKN has made its first public corporate venturing deal by buying a 25.1% stake in Evo Electric, a local clean-tech power company for cars.
Alongside the £4m ($6.4m) purchase of shares, GKN has agreed to invest £1m in a joint venture – known as GKN EVO eDrive Systems – between its Driveline division and licensed technology from Evo to make Axial Flux electric motors and drive systems for use in hybrid and electric vehicles, deal sources said.
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