Porsche is buying a controlling stake in Greyp, a Croatian electric-bike manufacturer related to its Rimac Automobili affiliate, in order to broaden its mobility capabilities beyond sports vehicles like the 911 and the battery-powered Taycan.

Porsche's venture capital arm previously owned around 10% of Greyp, and the German automaker has now exercised an option to increase its ownership following a takeover approach from a third-party investor, according to a statement released Friday.

Porsche “is consistently driving forward its e-mobility strategy,” Chief Financial Officer Lutz Meschke said in the statement. “Our activities in the e-bike sector underline our consistent approach,” he said.

Porsche debuted two electric bikes in March, and the company hopes to use its experience with battery-powered automobiles to luxury two-wheelers as well. Over the next five years, Volkswagen AG's most profitable brand will invest 15 billion euros ($16.9 billion) in new technology, including 6.5 billion euros for the development of partially and fully electric vehicles.

Mate Rimac, the founder and CEO of electric supercar manufacturer Rimac, and other Greyp founders will keep a minority ownership in the electric bike company. The takeover should be completed before the end of the year.