European EV startup, Rimac Automobili has received a $90 million dollar investment from Hyundai and Kia recently. The three parties said the deal includes “a significant partnership to collaborate on the development of high-performance electric vehicles.”

Rimac was founded back in 2009 by then 21-year old Mate Rimac who developed an electric vehicle in his garage. Today, the company employees 500 people, supplying parts to manufacturers as well as designing in-car digital interfaces, runs a subsidiary-focused on electrics and develops electric “hypercars”. Its vehicles include the C Two, which was debuted as the Geneva International Motor Show.

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