Croatian electric car maker gets 30 mln euros from Chinese investor

Source: Xinhua| 2017-09-20 17:16:40|Editor: Zhou Xin
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ZAGREB, Sept. 20 (Xinhua) -- Electric vehicle manufacturer Rimac Automobili has closed a 30-million-euro (about 36 million U.S. dollars) deal with China-based Camel Group Ltd.

It is the single largest foreign direct investment in a Croatian technology company, according to a statement issued by Rimac Automobili on Tuesday evening.

The investment will be used to fund the launch of new products, extension of production capacity and global expansion. Out of the total investment, three million euros will be allocated to Rimac's sister company Greyp Bikes that produce high-performance electric bicycles.

"This investment will help us further accelerate growth, introduce new products to the market and expand our global presence," Mate Rimac, founder and CEO of the company commented.

"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," said Rimac.

Rimac Automobili was founded in 2009 and just two years later the company designed and manufactured the world's major accelerating electric vehicle, Concept One.

While the Croatian company sells electric high-performance vehicles under its own brand, these cars are just a showcase of the company's technological capacity. The main business is developing and producing advanced battery systems, powertrains, and other vehicle components for other companies.

Rimac technology is recognized worldwide through established partnerships with Aston Martin, Koenigsegg and many other undisclosed manufacturers.

"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," Liu Changlai, CEO of Camel Group, a leading battery manufacturer in China, said in the statement.

He commented that Camel Group is impressed by the fact that Rimac is developing and manufacturing all key vehicle systems in-house and that he has earned the trust of some of the largest automotive companies.

"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," the Camel CEO stated.