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

Related Articles

Horius exclusive distributor PupinEnergy chargers Serbia

Horius becomes exclusive distributor of PupinEnergy chargers for Serbia

25 April 2025 - Horius signed an exclusive agreement and became the authorized distributor of PupinEnergy AC electric vehicle chargers in Serbia

croatia zagreb electric buses

Zagreb initiates purchase of 70 electric buses

23 April 2025 - The first electric bus in Croatia’s capital Zagreb started carrying passengers at the beginning of April

european commission co2 standards new cars vans delay 2027

EU gives European carmakers more time to comply with CO2 standards

02 April 2025 - Transport & Environment says the delay for carmakers proposed by the European Commission must be the final concession

iea report energy 2024 renewables heat ai data centers

IEA’s Global Energy Review: Electricity use is growing rapidly, driven by heatwaves, electrification, data centers, AI

25 March 2025 - Global energy demand grew at a faster-than-average pace in 2024, according to the IEA’s Global Energy Review