Porsche is strengthening its ties with electric supercar company Rimac by participating in a $500 million investment round for the Croatia-based startup. Porsche did not disclose the exact amount it invested in Rimac, other than that it was “eight figures”. And Porsche will not have a majority stake in Rimac, retaining its previously disclosed 20 percent equity stake in the company.
Over the years, Porsche has grown closer to Rimac, buying and establishing shares in the company a joint venture to run Bugatti after Volkswagen transferred ownership to the startup. Today’s investment news is the latest indication that Porsche has a positive view of Rimac’s future. Porsche also has a majority stake in Greyp, an electric mountain bike company also founded by Rimac’s CEO, Mate Rimac.
“We are delighted that Rimac has secured prominent new investors and we are optimistic about the further development of this exciting company,” said Lutz Meschke, Deputy Chairman of the Board of Directors of Porsche AG and Member of the Board of Directors for Finance and IT . † Other investors include SoftBank’s Vision Fund 2 and Goldman Sachs Asset Management.
Rimac was founded in 2009 by Mate Rimac in a garage as a sole proprietorship. In recent years, the company has become a highly sought after brand, with many longtime automakers calling on the startup to help build their own electric supercars, including Porsche, Hyundai and Bugatti.
Why that is so is not much of a question. Last year, Rimac released the Nevera, a quad-motor, 1,914 horsepower demonstration of electrical absurdity, with a top speed of 258 mph and the ability to jump from 0-60 mph in under two seconds. The Nevera is expected to be the fastest sports car ever made, a title previously held by the Bugatti Chiron.
With the new financing, Rimac plans to hire 200 additional employees by 2022 and invest in expanding production capacity for “major projects.” Rimac is a small volume manufacturer and currently produces only a handful of vehicles per month. The company has set a limit for the Nevera of 150 pieces.
Nevertheless, Rimac has “ambitious growth plans for the coming years,” Mate Rimac said in a statement, thanking Porsche for the trust.