Porsche has further increased its investment in Rimac Automobili, a high-performance electric car startup, expanding its stake in the business to 24% with an additional EUR70m.
Porsche bought a 10% stake of the business in 2018, before increasing it to 15.5% in 2019.
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The Croatia-based technology company produces advanced electrified powertrains, batteries, infotainment and other components related to electrification – the technology showcased on electric hypercar prototypes.
Rimac says it now works with many major car manufacturers, including Hyundai, Kia, Porsche, Aston Martin, Automobili Pininfarina, Koenigsegg and 'many more'.
Mate Rimac, founder and CEO of Rimac Automobili, said: "Porsche has been a big supporter of our company since 2018, and it has always been a privilege to have one of the world's most iconic sports car brands be a part of Rimac. We're proud to work together on new exciting and electrified products and of the fact that Porsche's trust in Rimac resulted in several rounds of investment, making Porsche an important shareholder of the company.
"With many OEMs across the world being Rimac customers, it is important, both for Rimac and Porsche, that we remain an entirely independent business. Our projects and our shareholders are – and will always be – entirely separate, allowing us to maintain the information firewall that our partners rely on, and enabling us to continue working with many OEMs. The partnership with Porsche helps the company develop and grow which is beneficial for all of our customers."
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By GlobalData"Rimac is excellently positioned in prototype solutions and small series," says Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG. "Mate Rimac and his team are important partners, especially when it comes to supporting us in the development of components. Rimac is well on its way to becoming a Tier 1 supplier for Porsche and other manufacturers in the high-tech segment.
"Porsche has already placed its first orders with Rimac for the development of highly innovative series components," says Meschke. "Both partners benefit from this closer collaboration," Meschke emphasizes: "Mate Rimac inspires us with his innovative ideas. By the same token, he benefits from our know-how in production and methodological expertise in development. Our investment in the company has turned out to be absolutely right. Rimac's value has increased many times over since our initial investment. In addition, the company has developed very well technologically. We are expanding our cooperation step by step and are also benefiting from Rimac's strength in innovation."
Porsche's first investment came in June 2018, and Hyundai Motor Group invested in May 2019.
Rimac Automobili will this year will release its second generation electric hypercar, codenamed C_Two. Every major component of the C_Two has been designed, engineered and produced by the in-house team at Rimac. Following a multi-year development process of virtual and real-world testing and homologation, the C_Two will be revealed in 'a few months', the company says.
Rimac says the C_Two, limited to just 150 units, will be available in the 'world's key markets via Rimac Automobili's global network of dealer partners'.
See: Rimac – what's all the fuss about?
