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PHOTO CAPTION: Rimac Concept_One electric supercar is priced at a cool $1Million USD.

Rimac Secures €10Million Series A Funding for 1,088 HP Electric Super Car

Priced at $1 million, the Concept_One supercar can hit 0-100km/h in 2.8 seconds.

Published: 26-Nov-2014

Though the 1,088 horsepower Rimac Concept_One was initially dismissed as vaporware, 5 years after its founding Rimac has secured a 10 million euro ($12.5 million) Series A investment. With a valuation approaching $88 million, the automaker is looking to finally commercialize its electric supercar and motor technology.

“We are delighted that we have established a close collaboration with international investors who appreciate our value and potential. The funding will enable us to launch new products to the market and increase our production capacity,” say the 26-year old founder and CEO Mate Rimac. The company has recently grown from just 20 employees to over 60, after Rimac himself started the company in his garage following his conversion of a BMW M3 into one of the world’s quickest EVs.

He has even more ambitious machinations for the 1,088 horsepower Concept_One, priced at a million dollars and able to go from 0 to 62 MPH in a scant 2.8 seconds while wrapping the driver in over-the-top luxury. That would make it amongst the quickest cars on the planet, though that isn’t all this Croatian wunderkind is working on. Since the 2009 founding of the company, Rimac has also started the Greyp electric bicycle project, announced intentions to supply powertrain parts for electric vehicles, and started a partnership with Formula E to provide fans with test drives.

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Mate Rimac's 'shoestring' budget supercar, the Concept_One

The 25 year-old Croatian designer claims his car's electric drive can produce 1018 hp and hit a top speed of 305 km/h (190 mph), while also having a range up to 600 km.

Rimac Automobiles Concept One electric supercar in profile.

$1 million dollar Concept_One uses four separate electric motors, one at each wheel, to deliver a mind-blowing 1,088 horsepower.

Mate Rimac with his Concept One electric supercar. Photo credit: Marin Tomas.

Mate Rimac, a virtual unknown in the automobile industry, reportedly has line up investors from South America and Hong Kong in bid to bring his supercar to market.

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