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Porsche has invested further money into Croatian automotive technology group and nascent automaker Rimac.

Porsche hasn’t disclosed exactly how much it has invested in Rimac but has said it amounts to an “eight-figure sum” as part of the Croatian company’s Series D funding round.

“We’re delighted that Rimac has gained prominent new investors, and we are optimistic about the continued development of this exciting company,” says Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT.

“We were already convinced of the company’s potential in 2018 and are pleased that our commitment allowed us to contribute to its progress and current success.”

However, this isn’t a new relationship. Porsche made its first investment in Rimac four years ago and has continually increased its interest in the company. Following this new transaction, Porsche will continue to hold its 20% stake in the company — though company founder and CEO Mate Rimac remains the largest shareholder.

Rimac says it plans to use the additional funding to expand production for high-volume projects, as well as to hire an extra 700 staff this year.

“We have ambitious growth plans for the coming years and are proud to have the support of major new and existing investors who believe in our vision,” says Rimac.

“Our thanks also go to the Porsche team, which has played an important role in our success to date and is continuing to provide its support.”

Rimac is working with Bugatti and Porsche to develop new electric hypercars, including the Nevera.

However, the company’s technology subsidiary is also a key part of the business and is focused on developing and manufacturing high-performance EV components such as batteries and e-axles. 

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