© rimac automobili Electronics Production | September 27, 2017
Rimac receives €30 million in funding - wants to add 100 employees
Croatian electric vehicle technology company, Rimac Automobili, has closed a EUR 30 million investment with Camel Group – one of Asia’s largest battery manufacturer.
China-based Camel Group Ltd., has entered into a Subscription Agreement with Rimac Automobili. Out of the total investment amount, EUR 3 million will be allocated to Rimac’s sister company, Greyp Bikes. The Investment will be used to fund the launch of new products, extending production capacity as well as to aid in the global expansion of the companies. Mate Rimac, Founder and CEO of Rimac and Greyp, commented on the fundraising: “In contrast to many other companies in this business, we have a working business model – we are profitable since 2012 and doubling every year organically. 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.” Liu Changlai, CEO of Camel Group said: “Our strategy is to move aggressively into the New Energy Vehicle Business – providing advanced battery systems, powertrains and other vehicle components to major commercial and passenger vehicle manufacturers in China. After studying the market deeply, searching for a technology partner, Rimac seemed as the perfect match for us – leading the Electric Vehicle technology development in many areas. 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.” Following the EUR 30 million investment Rimac is growing its team to meet the needs for expanding their R&D and production capacity. The company is therefore looking to take its team of 250 people to 350, adding 100 new positions. Since its inception, Rimac has become an important player in the electric vehicle industry – designing, developing and manufacturing their high-performance fully electric supercars while delivering key technologies to global OEMs. The company has established partnerships with companies such as Aston Martin, Koenigsegg. Greyp Bikes, a Rimac Automobili sister company, is focused on the development and production of highly advanced electric bicycles.