Another vote of confidence in the Croatian producer of electric cars and technology.

Croatian entrepreneur Mate Rimcac’s company, Rimac Automobili, has secured a 30 million euro investment from Camel Group, the largest battery manufacturer in Asia. Camel Group's investment is the largest realised direct investment by a foreign company in a Croatian technology firm. Of the total 30 million euros investment, three million euros will be allocated to the Rimac’s sister company Greyp Bikes, reports Index.hr on September 20, 2017.

The investment will be used to finance the development of new products and the expansion of production capacities and the global reach of the companies.

Mate Rimac, the founder of Rimac Automobili and Greyp Bikes, said that the investment would help him speed up the growth of his companies. “Over the years, we have established ourselves as a technology provider and enabler for many global automotive manufacturers. We have become the go-to address when it comes to electric powertrains, batteries, innovative infotainment and telemetry systems and many other core vehicle systems. At the same time, our supercars 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, we have a working business model – we have been profitable since 2012 and are 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 presented to the world next year,” said Rimac.

Liu Changlai, CEO of Camel Group, said he was impressed with the Rimac’s businesses. “Our strategy is to move aggressively into the electric vehicle market, providing advanced battery systems and other vehicle components to major commercial and passenger vehicle manufacturers in China. After a thorough study of the market and a search for a technology partner, we have realised that Rimac was the perfect match for us as the leader in the electric vehicle technology development in many areas,” said Changlai.

“During our numerous visits to Croatia and detailed due diligence, we were most impressed by Rimac’s deep vertical integration, which includes the development and manufacturing of all key vehicle systems in-house. It was also impressive to learn that Rimac Automobili, a young company in a very conservative industry, has already earned the trust of some of the largest and most prestigious car companies. We are excited to use our synergies to deliver high-quality electric vehicle components and technologies to the market and support the global transition to electric vehicles,” added Changlai.

Camel Group is a company which researches, develops, produces and sells batteries in China and worldwide. In 2016, they had sales revenues of 1.1 billion dollars and 6,000 employees. The company is the largest battery manufacturer in Asia.

Translated from Index.hr.