Battery manufacturer Camel Group has agreed to invest €30m ($35.3m) in Croatia-based electric vehicle (EV) developer Rimac Automobili through a share subscription agreement.
Founded in 2009, Rimac develops and produces electric supercars as well as drivetrain and battery systems. The investment will involve €3m of the funds going to Rimac’s electric bicycle unit, Greyp Bikes.
The capital will also be used to fund the launch of new products and to build a new state-of-the-art production facility for Rimac’s EVs.
Rimac raised $12.5m in a 2014 series A round led by mine operator and battery and EV producer China Dynamics, which took a 10% stake through its investment. Integrated Asset Management Asia and private investor Frank Kanayet Yepes also contributed to the round.
Liu Changlai, Camel Group’s CEO, 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.”
– Photo courtesy of Rimac Automobili