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Agreement Between Human Horizons, Wuxi Weifu e-Drive Technology and Protean Electric Will Deliver Mass Produced In-Wheel Motors for Intelligent Connected Vehicles

Human Horizons, the mobility technology innovator, Protean Electric Ltd, the automotive technology company, and Wuxi Weifu e-Drive Technology Ltd. (“WFDT”) are pleased to announce their memorandum of strategic co-operation to develop and manufacture in-wheel motors for the next generation of intelligent connected vehicles. The co-operation brings together some of the most technologically advanced and innovative companies in the automotive sector. A dedicated team and production facility will be created in China to deliver in-wheel motors at scale, simplifying production systems, reducing development lead times and accelerating the benefits that in-wheel motors bring to the market for future transport solutions.

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Ding Lei, Chairman of Human Horizons said: "The cooperation between WFDT, Protean Electric and Human Horizons using in-wheel motor technology is only the beginning of our long-term strategic cooperation. We plan to start with cars and over time develop further innovative mobility solutions. The advanced drive system and the unique location of the in-wheel motor in the vehicle delivers a game changing driving experience and powerful data collection solution, integrated into the intelligent car. The potential for cooperation is unlimited.”

"Human Horizons are one of the most exciting companies working in future mobility today. They have rich automotive engineering experience and are one of the strongest and most innovative teams in the industry,” said Chen Xuejun, Chairman of Weifu Group. “With more than 30 years’ of experience working across the industry, Weifu Group has deep experience in auto parts production, continuous manufacturing improvement, mature supply chain resources and the management and delivery of sustained investment in new technologies. ProteanDrive advanced in-wheel motor technology will enable a truly strategic partnership for WFDT, Protean Electric and Human Horizons."

KwokYin Chan, CEO of Protean Electric, said: "We are delighted to see that the opportunities offered by our in-wheel electric drive technology are being used by customers to develop some of the most innovative transport solutions in the world. Our continuous commitment to innovation ensures that we are able to provide solutions tailored to the needs of our customers, both now and for the future.”

About Human Horizons

Human Horizons is an innovative technology company committed to future intelligent mobility with “3-Smart” (Smart Vehicle, Smart Transportation and Smart City) as its strategy.

Human Horizons upholds a human-oriented philosophy; initiated from human needs and based on human intelligence. Human Horizons will build on research and development for innovative and leading intelligent mobility technologies and the industrialization of future-oriented smart vehicles to further plan smart transportations, and contribute to the development of smart cities and finally redefine human mobility.

About Wuxi Weifu e-Drive Technology

Wuxi Weifu e-Drive Technology Co., Ltd. is the joint venture formed by Weifu Group and Protean Electric Ltd, for the manufacture of the ProteanDrive Pd18. In China the joint venture focuses on customer application engineering and manufacturing process engineering. Under the leadership of Protean’s technology centre in the UK, the joint venture supports product development and continuous engineering of in-wheel motor products.

Weifu High Technology Group Co., Ltd. (000581.SZ) (“Weifu Group”) is an automotive component manufacturer, and one of the Top 30 Automotive Enterprises. Operating since 1958 in China, Weifu Group leads in automotive fuel in-take and exhaust systems. With 10 wholly owned and majority owned subsidiaries including 2 joint ventures, and one JV with minority interest. Weifu Group has international presence in the US, Middle East and Southeast Asia. Weifu Group is a profitable Shenzhen Stock Exchange listed company, with 2017 revenue exceeding RMB 9 billion, and total assets exceeding RMB 20 billion (approx. $3 billion).

About Protean Electric Ltd

Protean Electric Ltd is a leading automotive technology company that designs, develops and manufactures ProteanDrive, a fully integrated in-wheel drive solution. Protean Electric’s technology is strategically positioned to play a major role in the hybrid and electric vehicle market by offering a combination of packaging advantages, new vehicle design opportunities, performance benefits and cost savings.

Using a scalable and patented sub-motor architecture, ProteanDrive products provide the power and torque required to propel all hybrid and electric vehicle classes. Protean maintains operations in the United Kingdom, China and the USA, with its manufacturing plant at Tianjin, China. For more information, visit www.proteanelectric.com .

Contact:

Media Contacts: Human Horizons: Tao Jin tao_jin@human-horizons.com Wuxi Weifu e-Drive: Yi Wang Yi.wang@weifu.com.cn Protean Electric Robyn Hughes Robyn.hughes@proteanelectric.com

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