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Rimac has announced that it has closed a strategic €30 million funding round from Asia's largest battery manufacturer, Camel Group Ltd.

Autonomous Vehicles

Rimac Closes €30 Million Round & Announces “Concept_Two” Coming In 2018

Rimac has announced that it has closed a strategic €30 million funding round from Asia’s largest battery manufacturer, Camel Group Ltd.

Rimac has announced that it has closed a strategic €30 million funding round from Asia’s largest battery manufacturer, Camel Group Ltd.

The new funding was announced just one day before Autocar UK went live with news about Rimac Automobili’s new Concept_Two, which it will begin producing in 2018. Following close on the heels, Rimac capped off the round of news with an announcement that it had opened up new job postings for 100 positions in all departments.

Mate Rimac of Rimac Automobili (left) and Liu Changlai of Camel Group (right)

Founder Mate Rimac opened up the call for new employees by offering his insight into the company culture at Rimac. “We are not only developing our own vehicles and components, but shaping the industry by working with many of the world’s leading automotive companies. We are proud to call many top brands our customers and partners – helping them to develop exciting, electrified and connected vehicles. Here you could be working on an exciting autonomous family car and an electric supercar at the same time.”

It is clear that Rimac is looking to capitalize on its success with Concept_One and to scale up. Having only produced 8 Concept_One vehicles and new funding having been secured, the task feels very achievable for a company with as much success as Rimac has had over its short life.

Rimac has clearly made a name for itself and its ability to supply major automotive companies looking for “electric powertrains, batteries, innovative infotainment and telemetry systems and many other core vehicle systems.”

Autocar shared that Rimac is looking to build 100 of the Concept_Two vehicles, which will continue to refine the two-seater supercar platform. Those refinements won’t come cheap, with Concept_Two expected to push past the €1 million price tag of Concept_One … into a rarified air of elite electric supercars.

The €30 million investment from Camel Group will see €3 million being allocated to sister company Greyp Bikes. Greyp is similarly strategic as the world moves towards new forms of electrified transportation en masse over the next few years. Greyp will use the funds to develop and launch new products and to scale up operations globally.

Rimac currently produces around 100 battery packs per year for in-house and OEM sales, but it plans to ramp that up significantly in response to increased customer demand surging in parallel to the increase in production of Concept_Two. With a new powerhouse in Chinese battery production now a friend of the Rimac family, one can’t help but wonder how that partnership will give Rimac the extra production horsepower it needs to maximize throughput while still ensuring Rimac quality for its customers.

Source: RimacAutocar

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I'm a tech geek passionately in search of actionable ways to reduce the negative impact my life has on the planet, save money and reduce stress. Live intentionally, make conscious decisions, love more, act responsibly, play. The more you know, the less you need. As an activist investor, Kyle owns long term holdings in Tesla, Lightning eMotors, Arcimoto, and SolarEdge.


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