This post is by Catherine Shu from Fundings & Exits – TechCrunch
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...)