Rimac, the maker of insanely powerful all-electric hypercars, is adding another big name to its list of shareholders: Porsche.

The German automaker has confirmed that it has taken a minority but still significant 10% stake in the company.

Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche, commented:

By developing the purely electric two-seaters super sports cars, like the ‘Concept One’ or ‘C Two’, as well as core vehicle systems, Rimac has impressively demonstrated its credentials in the field of electromobility. We feel that Rimac’s ideas and approaches are extremely promising, which is why we hope to enter into close collaboration with the company in the form of a development partnership.

Of course, Porsche is working on its own performance electric car, the Taycan, formerly known as the Mission E.

Rimac is best known for its all-electric hypercars, especially the Concept_One, arguably the first all-electric hypercar, and more recently the new Concept_Two.

The company is also emerging as a supplier for electric vehicle components. They’ve already got a thriving business supplying some OEMs, like Koenigsegg and Aston Martin.

Rimac’s CEO Mate Rimac commented on the new partnership:

This partnership now is an important step for Rimac on our way to become a component and system supplier of choice for the industry in electrification, connectivity and the exciting field of Advanced Driver Assistance Systems,

Last year, Rimac also received a $36 million investment from Chinese battery firm Camel Group.

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