Rimac Group (the Croatian company most well-known for its Nevera electric sport car that produces 1,900hp) announced it had raised 500m euros ($about $537million) from investors. Goldman SachsPorsche, and technology funds advised by SoftBank Japan.

Rimac is valued at more than 2 billion Euros in the new round of funding.

Rimac’s agreement to sign the Rimac Agreement made it headlines in 2011 to take a controlling interest in BugattiThe exclusive French automaker, whose name has been associated with the prestigious French automobile manufacturer, ”. Volkswagen Group. Bugatti and Rimac combined their sports-car businesses in Rimac’s joint venture with VW subsidiary Porsche. Rimac holds a 55% interest.  

Rimac will be able to pivot from its roots of a small-scale producer of high-end, electric sports cars. The investment should accelerate Rimac’s transition away. The joint venture with Porsche will allow it to continue manufacturing the Nevera, which costs $2.4 million. It also plans to produce a number of Bugatti models. It now plans to concentrate its efforts and the majority of its new capital on Rimac Technology, its subsidiary that develops and produces components for hybrid and high-performance electric vehicles manufactured by other automakers.  

Rimac Technology has already attracted several big-name automaker clients — including Ferrari, Hyundai, Jaguar, Mercedes-Benz, Porsche and Renault — and past investments from both Hyundai and Porsche.

Rimac stated that it would use the capital injection to employ 700 additional employees and open new offices across Europe. Rimac also plans to construct a new headquarters near Zagreb in Croatia.

That new headquarters facility — which will include manufacturing and warehouse space as well as offices and laboratories — will be the largest building in Croatia when it is completed next year, CEO Mate Rimac told reporters in a briefing Tuesday.