Porsche folded Greyp Bikes into its e-bike unit to go all in on two wheels

Greyp Bikes, founded by Croatian serial entrepreneur Mate Rimac, makes 24/7 connected e-bikes; it now develops e-bikes and bicycle management software inside Porsche's e-bike unit.

That the maker of the 911 can corner the e-bike market by assembling a full-stack unit — Greyp's bikes and software, Fazua's compact motors, joint ventures with Ponooc.

Porsche's two-wheel ambition was built by acquisition. It first took a minority stake in Greyp — the connected e-bike company founded by Rimac Automobili's Mate Rimac — in late November 2021. In mid-2022 it bought Munich-based Fazua, maker of compact lightweight e-bike motors, and laid out a strategy: future e-bike activities 'will be merged through the establishment of two joint ventures with the Dutch company Ponooc Investment B.V.' — one to develop, manufacture and distribute a future generation of high-quality Porsche e-bikes, the second to focus on technological solutions for the fast-growing micromobility market.

In February 2023, Porsche acquired majority shares of Greyp and folded the company into Porsche eBike Performance — the same unit as Fazua. Per a report in Zagreb-based publication Lider, duties were divided: Greyp focuses on the development and production of electric bicycles and bicycle management software, while Fazua remains the specialist in compact lightweight motors. Terms of the majority acquisition were undisclosed.

Greyp became part of Porsche eBike Performance alongside Fazua, giving Porsche an in-house stack — frames, software and motors — under one roof.

The sequence — minority stake, motor maker, majority control — is a controlled rollup: Porsche tested each asset before consolidating governance.

Specialty preservation is the design principle: Greyp keeps bikes and software, Fazua keeps motors, so nothing competes inside the unit.

Micromobility is the option value: the second Ponooc joint venture gives Porsche a play beyond its own branded bikes.

Diversification by acquisition works when each target keeps its specialty: software-heavy bikes from Greyp, motors from Fazua, one parent brand.

As of February 25, 2023, Greyp operated inside Porsche eBike Performance with development and production duties, alongside Fazua's motor business, with the two Ponooc joint ventures still to be established.