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