Chinese Camel Group Invests 30 Million Euro in Rimac Automobili and Greyp Bikes
Chinese Camel Group announced that the company has decided to invest a total of 30 million Euros in two companies founded by Mate Rimac. Those are Rimac Automobili, a company producing the electric car and the parts for it, such as batteries and entertainment software, and Greyp, manufacturer of electric bikes.
27 million will be invested in Rimac Automobili and 3 million in Greyp Bikes. The decision was confirmed on April 11th, when the contract was signed, which provides the purchase of B series of preferred shares (Series B Convertible Redeemable Preferred Shares (RCPS-B)).
“In the process, we have another round of investment, but we do not want to go out with the details until we finish the process with all the investors”, Mate Rimac answered to ICTbusiness.biz question about this new investment. He also said that he don’t want to comment any further about other investments because it is still an ongoing process with other investors.
Finally, the implementation of this agreement will depend on the fulfillment of the conditions on both sides, including the technical and financial due diligence, signing of a Joint Venture contract, the final confirmation by Camel board and few other conditions. Since the Camel published details about the investment, analysts believe that the fulfillment of the mentioned conditions is just a formality.
According to Camel Group, Rimac has strong R&D capability and advanced technology in high-performance EV, powertrain system, battery systems, vehicle electronics, infotainment systems and connectivity, with the business scope covering R&D, manufacturing and sales of key components of new electric vehicle.
“If the cooperation is successfully executed with Rimac and Greyp, it shall facilitate company’s equity investment sector. On the other hand, it will improve the company technical level of motor, inverter and EV components products, which would have further positive influence on company related business and “3+1” business model in new energy vehicle industry”, Camel Group said in a statement.