Investment fund Investindustrial confirmed they would invest a total of €120 million in the Croatian electric car maker Rimac Group, through several rounds of financing, Rimac Group told state news agency Hina on Wednesday.

According to Hina, the new funding will be spent on further development of the Rimac Technology subsidiary, as well as for the manufacturing of key components used by global car makers such as Porsche, Hyundai, Aston Martin, and Koenigseggin their electric vehicles.

The largest single shareholder in Rimac Group is its founder, the inventor Mate Rimac who holds a 32.6 percent stake. The Volkswagen-owned Porsche AG holds another 23.5 percent stake, and Hyundai Motor Group owns 10.35 percent of the company.

“The shareholding structure is subject to change in the next round of investment,” the group’s spokeswoman, Marta Longin, was quoted as saying.

Investindustrial  is a large investment group which specializes in investing in Southern European companies. They predict that by 2025 a third of all new vehicles on the road would be electric, and by 2030 their share would rise to about a half of all new cars sold.

Mate Rimac started his company in 2009 out of his garage by working on electric-powered conversions of cars. Today his employs more than 1,300 people. The company manufactures electric systems and parts for other large car brands, and are also well known for their high-performance limited production electric hypercars such as the recently unveiled Rimac Nevera.

The company is also developing an autonomous electric vehicle meant for short-range city commutes.