Category: Gogoro

Gogoro will go public on Nasdaq after $2.35B SPAC deal



Gogoro is going public. The company, which is best known for its electric Smartscooters and swappable battery infrastructure, announced today it will list on Nasdaq through a merger with Poema Global, a SPAC affiliated with Princeville Capital. The deal sets Gogoro’s enterprise valuation at $2.35 billion and is targeted to close in the first quarter of 2022. The combined company will be known as Gogoro Inc and trade under the symbol GGR.

Assuming no redemptions, Gogoro anticipates making $550 million in proceeds, including an oversubscribed PIPE (private investment in public equity) of over $250 million and $345 million held in trust by Poema Global. Investors in the PIPE include strategic partners like Hon Hai (Foxconn) Technology Group and GoTo, the Indonesian tech giant created through the merger of Gojek and Tokopedia, and new and existing investors like Generation Investment Management, Taiwan’s National Development Fund, Temasek and Dr. Samuel Yin of Ruentex Group, Gogoro’s founding investor.

The capital will be used on Gogoro’s expansion in China, India and Southeast Asia and further development of its tech ecosystem.

Founded ten years ago in Taiwan, Gogoro’s technology includes smart swappable batteries and their charging infrastructure and cloud software that monitors the condition and performance of vehicles and batteries. Apart from its own brands, including Smartscooters and Eeyo electric bikes, Gogoro also makes its platform available through its Powered by Gogoro Network (PBGN) program, which enables partners to create vehicles that use Gogoro’s batteries and swapping stations.

Gogoro’s SPAC deal comes a few (Read more...)

Gogoro strikes deal with Yadea and DCJ to build a battery-swapping network in China



Less than a month after announcing a partnership with India’s largest two-wheeled vehicle maker, Gogoro is taking another big step in its global expansion plans. This time the market is China, where Gogoro’s technology, including its swappable smart batteries, will be used in scooters made by Dachangjiang Group (DCJ), one of the country’s biggest motorcycle makers, and Yadea, one of it top electric two-wheel companies. DCJ and Yadea will jointly invest $50 million in an operating company to develop new two-wheel vehicles with their own branding that use the Gogoro Network, including its batteries, drivetrains, controllers and other components.

“Think of it as DCJ and Yadea combining to create an AT&T,” Gogoro co-founder and chief executive officer Horace Luke told TechCrunch. “Gogoro will be the technology that powers them, so think about it like we’re the Ericsson.”

Last month, Gogoro and Hero MotoCorp announced a strategic partnership to build a battery-swapping network and electric two-wheeled vehicles in India. Gogoro’s new deals in India and China are the biggest steps it has taken for its global strategy since launching the first Gogoro Smartscooter in 2015.

Gogoro’s swappable batteries, its signature technology, means riders can replace their batteries for new ones at charging stations that are small enough to fit on a sidewalk. In Taipei City, where Gogoro is based, its swapping stations are a common sight, usually tucked against storefronts or by the side of (Read more...)

Gogoro partners with India’s Hero MotoCorp, one of the world’s largest two-wheel vehicle makers



Electric scooters powered by Gogoro’s swappable, rechargeable batteries now account for nearly a quarter of monthly sales in Taiwan, its home market. But one of the most frequent questions co-founder and chief executive officer Horace Luke gets asked is when will Gogoro launch its scooters in other countries.

“I always said, ‘we’re getting ready, we’re getting ready, we’re getting ready,” he told TechCrunch. Gogoro answered that question today by announcing a strategic partnership with Hero MotoCorp, one of the world’s largest two-wheeled vehicle maker and the market leader in India, where it is headquartered.

Gogoro and Hero MotoCorp’s agreement includes a joint venture to build a battery swapping network in India. Hero MotoCorp will also launch electric two-wheelers based on Gogoro technology under its own brand. This will mark the first time the company has launched electric vehicles. (The partnership is not to be confused with Hero Electric, which is run by relatives of Hero MotoCorp’s founders, but is a separate company).

The deal will focus on India before expanding into Hero MotoCorp’s other markets (it serves a total of 40 countries). Details, like the first vehicle, launch cities and pricing, will be announced later, but Luke said Gogoro and Hero MotoCorp “are deploying very rapidly.”

Luke described the strategic partnership as a validation of Gogoro’s goal to become a battery swapping and smart mobility platform, packaging its technology as (Read more...)