Croatian electric car maker gets $36m from Chinese investor

The 1,224-horsepower electric Rimac Concept_One, from Croatia, left, and Koenigsegg Agera RS-1 are shown during a media preview at the New York International Auto Show, at the Jacob Javits Center in New York, April 13, 2017.[Photo/IC]

ZAGREB - Croatian electric vehicle manufacturer Rimac Automobili has closed a 30-million-euro ($35.61 million) deal with China-based Camel Group Ltd, the Croatian company announced on Tuesday evening.

It is the single largest foreign direct investment in a Croatian technology company, according to a statement from the company.

"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", Mate Rimac, founder and CEO of the company said in the statement.

Out of the total investment, three million euros will be allocated to Rimac's sister company Greyp Bikes that produces high-performance electric bicycles.

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

While the Croatian company sells electric high-performance vehicles under their 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.

"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. Rimac is a perfect match for us," Liu Changlai, CEO of Camel Group, the largest battery manufacturer in China, said in the statement.

He commented that his company is impressed by the fact that Rimac is developing and manufacturing all key vehicle systems in-house.

"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," Liu said.