(Yicai Global) Sept. 21 -- China-based Camel Group Co. [SHA:601311] will invest EUR30 million (USD35.8 million) in Croatia’s Rimac Automobili d.o.o to help it develop new products and increase capacity, marking the largest ever single overseas investment received by a Croatian tech firm.
The Chinese firm is set to break into the new-energy car industry to supply advanced batteries, power systems and components to China automakers, Rimac quoted Liu Changlai, president of Camel Group, as saying in a statement. Market investigations suggest the partnership is a fairly ideal matchup.
Founded in 1980, Camel Group is an integrated high-tech firm focused on the research, manufacture, distribution and recycling of advanced batteries. It has invested heavily in the new-energy battery industry in recent years.
Rimac, based in the Croatian capital of Zagreb, was founded in 2009 and is a medium-sized firm which develops electric sports cars and a full range of electric-vehicle technologies.