Porsche is strengthening its relationship with Rimac, the electric supercar company, by participating in a €500 million (about $537 million) investment round for the Croatia-based startup.
The new funding round values Rimac at more than 2 billion euros. Rimac wants to expand beyond manufacturing electric supercars and grow into a global supplier of electric vehicle components.
Porsche did not reveal the exact amount it invested in Rimac, except to say it was eight figures. Nor will Porsche have a controlling stake in Rimac, as it retains its previously announced 20% stake in the company.
Rimac made headlines last year when it agreed to acquire a controlling stake in Bugatti, the French automaker that has long been part of the Volkswagen Group.
Porsche has approached Rimac over the years, buying shares in the company and setting up a joint venture to manage Bugatti after Volkswagen transferred ownership to the start-up.
The news of the new investment is the latest indication that Porsche has a positive view of the future of Rimac. Porsche also owns a controlling stake in Greyp, an electric mountain bike company also founded by Matti Rimac, CEO of Rimac.
Lutz Michke, Vice President of the Executive Board of Porsche AG and member of the Executive Board for Finance and Information Technology, said: “We are pleased that Rimac has acquired notable new investors. We are optimistic about the continued development of this company.
Other investors include the Vision 2 technology fund from Japan’s SoftBank Group and Goldman Sachs Asset Management.
Rimac raises more than $500 million from Porsche
Rimac was founded in 2009 by Mate Rimac in a garage as a solo operation. Over the past few years, the company has become a sought-after brand.
Several old automakers have called on the startup to help build their electric supercars, including Porsche, Hyundai, Bugatti, Ferrari, Jaguar, Mercedes and Renault.
Last year, the company released the Nevera with a 1,914-horsepower four-wheel drive, a top speed of 415 km/h and the ability to go from 0 to 100 km/h in less than two seconds.
The Nevera – valued at $2.4 million – is expected to be the fastest sports car, a title previously held by the Bugatti Chiron.
With the new funding, Rimac plans to hire 700 new employees. It also wants to invest in expanding its production capacity for large-scale projects at its subsidiary Rimac Technology, which develops and manufactures components for high-performance electric and hybrid vehicles made by other automakers.
Rimac is a low volume manufacturer. It currently produces only a few vehicles each month. The company has set a ceiling for Nevera of 150 units. However, Rimac has ambitious growth plans for the coming years.
