China's Camel Group Inks USD35.8 Million Investment Agreement With Croatian Auto Firm

China's Camel Group Inks USD35.8 Million Investment Agreement With Croatian Auto Firm

Zhang Xia

Date: Thu, 09/21/2017 - 19:28 / Keywords: Camel Group, Rimac, investment, New-Energy Vehicles, NEV Batteries
China's Camel Group Inks USD35.8 Million Investment Agreement With Croatian Auto Firm
China's Camel Group Inks USD35.8 Million Investment Agreement With Croatian Auto Firm

(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.

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Keywords: Camel Group, Rimac, investment, New-Energy Vehicles, NEV Batteries