Mobility

EIB supports Rimac Automobili with EUR 30 million loan

Photo: Rimac Automobili

Published

December 12, 2018

Country

Comments

comments icon

0

Share

Published:

December 12, 2018

Country:

Comments:

comments icon

0

Share

The European Investment Bank (EIB) and Croatia’s Rimac Automobili have signed a EUR 30 million loan for investment in research and development of electric vehicles (EVs) and related components, the EIB said in a press release.

According to the EIB, the financing will allow the innovative car company to further develop its electric driving technologies. It will also support the company`s transformation into a technology solutions provider for EVs and an industrial-scale producer of components for the global automotive sector.

The financing comes in the form of growth capital loan, under the European Growth Finance Facility (EGFF), a mechanism launched in 2016, the press release reads.

The transaction is guaranteed by the European Fund for Strategic Investments (EFSI), part of the Investment Plan for Europe launched by the European Commission. EFSI is managed by the EIB.

According to the EIB, Rimac Automobili has doubled in size over the last 12 months, now employing over 450 people with the majority of them in R&D. In June, automotive giant Porsche AG acquired a 10% of Rimac Automobili.

Rimac will also use the EIB loan to accelerate its research and development and increase sales and marketing effort to enable planned expansion into Asia and Europe, the EIB said.

Founder and CEO of Rimac Automobili Mate Rimac said that it is a long and difficult road to build an automotive and technology company, especially in a country where nothing similar has been done.

“We welcome EIB’s initiative to enable later-stage startups to have an alternative to traditional equity investment,” Rimac said.

Vice president of the EIB Dario Scannapieco said that the EIB has partnered with a company that writes the history of the global automotive industry.

This new project under the Juncker Plan will help develop innovative solutions for electro-mobility in Europe and stimulate the demand for zero-emission vehicles, European Commissioner for Transport Violeta Bulc said.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

slovenia renault twingo electric vehicle revoz

Slovenia to subsidize Renault’s new electric Twingo with EUR 40 million

18 November 2024 - The Government of Slovenia and Renault signed a memorandum in July on the production of a new version of the electric model Twingo

croatia zagreb zet electric buses hydrogen

Zagreb to purchase first electric buses, hydrogen ones are next

14 November 2024 - The City of Zagreb and its public transport utility ZET have launched a public call for electric buses.

ceer rimac technology mate rimac deluca

Rimac partners with Ceer to deliver first electric vehicles produced in Saudi Arabia

12 November 2024 - Rimac Technology, part of Rimac Group, and Saudi Arabia-based Ceer have forged a partnership for the production of electric vehicles

tesla robotaxi elon musk

Elon Musk showcases Cybercab robotaxi

11 October 2024 - At the event called We, Robot at the Warner Bros. studio near Los Angeles, the company also unveiled the Robovan and humanoid robot Optimus