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Porsche to acquire majority interest in Greyp e-bikes

Published November 19, 2021

SVETA NEDELJA, Croatia (BRAIN) — Porsche will acquire a majority interest in the Greyp e-bike brand. The sports car manufacturer's venture capital segment, Porsche Ventures, has held about a 10% stake in Greyp since 2018.

Mate Rimac and other Greyp founders will retain minority shares in the company, and the transaction will be completed on Dec. 18.

Greyp opened its U.S. operations in San Pedro, California, last year. Based in Stuttgart, Germany, Porsche acquired the initial stake at the same time as its investment in Rimac Automobili.

"Greyp will have a very strong and growing presence in Croatia," Rimac said. "We want to do big things, otherwise, Porsche and us would not be doing this. 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."

Porsche's investment will further its e-mobility advancement, the company said.

"Porsche is a pioneer of sustainable mobility and is consistently driving forward its e-mobility strategy," said Lutz Meschke, deputy chairman of the Porsche AG Executive Board. "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, the company launched its first all-electric vehicle — the Taycan — and last year, one in three of the vehicles was electric powered. "Our ambitious goal is to have a CO2-neutral balance sheet across the entire value chain by 2030," Meschke said.

Porsche said it will invest 15 billion euro ($17 billion) in new technology in the next five years, with 6.5 billion euro ($7.3 billion) for the development of electric vehicles.

Topics associated with this article: Electric bike, Mergers, Acquisitions & Investments

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