Page 96 - SE Outlook Regions 2023

Sachs Asset Management, with participation from existing Rimac
shareholders, including Porsche and InvestIndustrial.

Rimac has been rapidly expanding and has become a significant global
player. In November 2021, it launched a joint company with Bugatti
Automobiles, Bugatti Rimac. The Rimac Group is the majority
shareholder in the new company, with a 55% stake.

Meanwhile, the company started building a campus near Zagreb to
accommodate all its operations. The Rimac Campus will also become
the HQ of Bugatti Rimac which is responsible for the future
development of both the Bugatti Automobiles and Rimac Automobili
hypercar brands.

In August, Rimac Group presented the first new Bugatti designed and
developed by the Bugatti Rimac joint venture company – the W16. The
company will produce 99 W16s at a price of €5mn each.

In November, Rimac said that its electric hypercar Nevera achieved a
speed of 412 km/h, setting a world record for an electric vehicle. Rimac
presented the all-electric Nevera — with a price of €2mn — in June
2021. At the time, founder Mate Rimac said the car was the “car I had
in mind when I embarked on the ‘impossible’ journey ten years ago”.

Meanwhile, Mate Rimac decided to make a new investment, which was
not related to the car industry. In July, he invested in local innovative
agri-digital company Gruntek, which has developed an app allowing
Croatians to rent gardens raising organic vegetables near them and
pick what is planted there. A local team of farmers plants and raises the
vegetables.

3.4.4 Energy & power

Croatia’s energy sector did well in 2022 despite the oil and gas
shortages related to the war in Ukraine. Moreover, Zagreb has the
potential to help the region by expanding the capacity of its Krk
liquefied natural gas (LNG) terminal. The project was recognised as a
key priority by the European Union and Croatia has already done part
of the expansion.

In October, LNG Croatia, the company operating the floating natural
gas terminal off the island of Krk, said it intends to build a refuelling
point for LNG and compressed natural gas (CNG) in the Gazenica port
of the city of Zadar.

The facility should ensure that LNG-fuelled vehicles and vessels can
use the Trans-European Transport Network and Croatia’s maritime and
inland waterways. It is expected also to maximise the potential of the
LNG terminal at Omisalj on the northern Adriatic island of Krk.

LNG Croatia is considering building fuelling points elsewhere, to meet
the growing demand of LNG by the EU.

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