After Ather, Hero MotoCorp to invest in Gogoro's EV battery swap technology

Gogoro is a Taiwan-based company which has developed a battery-swapping refuelling platform for electric two-wheelers.
By : HT Auto Desk
| Updated on: 19 Jan 2022, 09:04 AM
Taiwan-based Gogoro is pioneer in EV battery swapping technology which is widely used across the world for electric two-wheelers. (Image courtesy: Gogoro)
Taiwan-based Gogoro is pioneer in EV battery swapping technology which is widely used across the world for electric two-wheelers. (Image courtesy: Gogoro)
Taiwan-based Gogoro is pioneer in EV battery swapping technology which is widely used across the world for electric two-wheelers. (Image courtesy: Gogoro)
Taiwan-based Gogoro is pioneer in EV battery swapping technology which is widely used across the world for electric two-wheelers. (Image courtesy: Gogoro)

India's largest two-wheeler manufacturer Hero MotoCorp has decided to invest in a company that has pioneered EV battery swap technology. The two-wheeler manufacturer, along with investment firm Engine No 1 and another investor, will invest in Taiwanese company Gogoro and Poema Global Holdings, a special purpose acquisition company.

The investment will increase total funding to 285 million dollars, according to a regulatory filing. This is the second big investment announced by Hero MotoCorp within a week. Earlier, the Indian two-wheeler manufacturer announced that it will invest 420 crore in electric scooter startup Ather Energy.

Similar Cars

Find More Cars
Tata Tigor Ev (HT Auto photo)
Tata Tigor Ev
Electric | Automatic
₹11.99 - 13.14 Lakhs**Ex-showroom price
Tata Altroz Ev (HT Auto photo)
UPCOMING
Tata Altroz Ev
 
₹12 - 15 Lakhs* *Expected Price
Tata Nexon Ev (HT Auto photo)
Tata Nexon Ev
Electric | Automatic
₹13.99 - 16.85 Lakhs**Ex-showroom price
Tata Nexon Ev Max (HT Auto photo)
Tata Nexon Ev Max
Electric | Automatic
₹17.74 - 19.24 Lakhs**Ex-showroom price
Mg Zs Ev (HT Auto photo)
Mg Zs Ev
Electric | Automatic
₹21 - 24.68 Lakhs**Ex-showroom price

Pawan Munjal, Chairman and Chief Executive Officer at Hero MotoCorp, said, "Our investment in Gogoro's PIPE is in keeping with our vision — 'Be the Future of Mobility'. We are already partnering with Gogoro to bring modern electric vehicles and its battery-swapping network to India and other global markets."

"We remain fully committed to sustainability and playing a key role in bringing clean mobility across the world," he added.

Horace Luke, Founder, Chairman and CEO at Gogoro, said, "We are proud to be adding PIPE investors Hero MotoCorp, a global leader in two-wheel vehicles, and Engine No 1, a strategic investment group focused on creating long-term value by harnessing the power of capitalism to drive greater ESG (environmental, social and governance) thinking."

"We are well-positioned to transform the urban mobility landscape and capitalise on the electric transition of more than half a billion two-wheel vehicles in Asia," he added.

Bruce Aitken, CFO at Gogoro, said, "Adding Hero MotoCorp and Engine No. 1 continues to validate our strategy and plans. Hero MotoCorp is a key OEM (original equipment manufacturer) and expansion partner, and Engine No. 1 will provide strategic guidance on how environmental impact can drive economic value."

Gogoro's battery swapping ecosystem is an established leading solution for the electric refuelling of lightweight urban vehicles. In less than five years, it has accumulated over USD 1 billion in revenue and more than 4.5 lakh battery swap subscribers.

First Published Date: 19 Jan 2022, 09:04 AM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city