September 20 (SeeNews) - Croatian electric vehicles developer Rimac Automobili said it has signed an agreement to receive a 30 million euro ($36 million) direct investment from Chinese car battery maker Camel Group.
This is the largest single foreign direct investment in a Croatian technology company and three million euro of it will be allocated to Rimac’s sister company Greyp Bikes, Rimac said in a statement on Tuesday.
"This investment will help us further accelerate growth, introduce new products to the market and expand our global presence. Two key areas are building a new, state-of-the-art production facility for our technology business and launching our next-generation electric supercar which will be shown to the world next year," the founder and CEO of Rimac and Greyp Bikes, Mate Rimac, said in the statement.
The supercars of Rimac Automobili are redefining what electric vehicles are capable of and showing that the electrified future will be exciting. In contrast to many other companies in this business, Rimac Automobili has a working business model – it is profitable since 2012 and doubling every year organically, Rimac said.
"During our numerous visits to Croatia and detailed Due Diligence, we were most impressed by Rimac’s deep vertical integration – developing and manufacturing all key vehicle systems in-house," the CEO of Camel Group, Liu Changlai, said. "We are excited to use our synergies to deliver world-class Electric Vehicle components and technologies to the market and help accelerate the transition to a fully-electric fleet."
Rimac Automobili started in a garage in 2009 and has become an important player in the electric vehicle industry - designing, developing and manufacturing their own high-performance fully electric supercars while delivering key technologies to many global Original Equipment Manufacturers (OEMs). Becoming a Tier 1 supplier to major automotive companies remains the core focus of the company, Rimac Automobili said.
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