Croatian EV supercar maker Rimac raises 500 million euros

Rimac Group, the Croatian corporation best identified for its 1,900 horsepower Nevera electrical sporting activities car or truck, explained it has raised 500 million euros (about $537 million) from investors including Goldman Sachs, Porsche and a technology fund recommended by Japan’s SoftBank.

The new funding round values Rimac at more than 2 billion euros.

Rimac designed headlines very last year when it agreed to just take a managing interest in Bugatti, the extremely-special French automaker that experienced extended been aspect of the Volkswagen Team. As part of that deal, Bugatti and Rimac’s athletics-vehicle business enterprise have been mixed in a joint venture between Rimac and VW subsidiary Porsche, with Rimac holding a 55% stake.  

The new investment is expected to speed up Rimac’s pivot away from its roots as a tiny-scale maker of large-finish electrical sports cars. It will continue on to manufacture the $2.4 million Nevera by using the joint enterprise with Porsche, as very well as a collection of new versions for Bugatti. But now it ideas to target substantially of its energy, and most of its new capital, on its Rimac Engineering subsidiary, which develops and manufactures factors for superior-functionality electric and hybrid cars designed by other automakers.  

Rimac Technological know-how has previously captivated several massive-title automaker consumers — including Ferrari, Hyundai, Jaguar, Mercedes-Benz, Porsche and Renault — and earlier investments from the two Hyundai and Porsche.

Rimac explained it will use this new funds infusion to retain the services of 700 new employees, to open up a collection of new places of work in Europe, and to make out a new headquarters currently underneath development in the vicinity of Zagreb, Croatia’s funds.

That new headquarters facility — which will contain manufacturing and warehouse house as nicely as workplaces and laboratories — will be the largest developing in Croatia when it is done future calendar year, CEO Mate Rimac explained to reporters in a briefing Tuesday.