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Porsche is acquiring a majority stake in Croatian e-bike manufacturer Greyp Bikes, the German automobile giant said in a press release. The Croatian company, founded in 2008, develops and produces electric bicycles, applying AI, data gathering and augmented reality to its products.
The sports car manufacturer’s venture capital arm, Porsche Ventures, has held a stake of around ten per cent in Greyp Bikes since 2018, making the investment around the same it invested in sister company Rimac Automobili.
As Porsche states, following a takeover offer from a third-party investor, the company decided to refuse the offer and become the majority shareholder in the Croatian company, in a deal that’s expected to be completed by the end of the year.
The expansion of Porsche’s shareholding in Greyp takes place within a potential expansion of activities in the electric bicycle segment, with the German giant recognizing the market and tech potential of Greyp.
“I have always believed that Greyp has the potential to be a hugely successful, world-class company and one of the leaders of the industry. I am super proud of the Greyp team, led by Krešimir Hlede, and what they have built over the last 7 years. The 100-people strong team has undoubtedly created the most connected and technologically advanced e-bikes on the market, set up series production in Sveta Nedelja and shipped bikes all over the world,” Mate Rimac, CEO of Rimac Group, said in a statement.
According to Rimac, there are exciting new chapters for Greyp Bikes ahead, with the Porsche investment being “the seed for something great and big”.
“Greyp will have a very strong and growing presence in Croatia. This will secure a great future for Greyp employees and bring tremendous value for Croatia as another proof of being an electric vehicle R&D hotspot,” Rimac added.
For Porsche, the investment in Greyp Bikes also underlines its e-mobility strategy.
“Our activities in the e-bike sector underline our consistent approach. Porsche has been a leading provider of plug-in hybrids for years, in 2019 we launched the first all-electric Porsche – the Taycan – and last year, one in three of the vehicles we delivered was fitted with an electric motor. Our ambitious goal is to have a CO2-neutral balance sheet across the entire value chain by 2030,” said Lutz Meschke, Deputy Chairman of the Executive Board of Porsche AG and Member of the Executive Board for Finance and IT.
The Greyp Bikes deal also deepens Porsche’s collaboration with Rimac Automobili. Earlier this year, the two companies, including Volswagen’s Bugatti brand, established a joint venture – a hypercar manufacturer called Bugatti-Rimac. The Rimac Group is the majority shareholder in the joint venture with a 55% stake, with Porsche owning the rest.