India's Hero MotoCorp, along with Engine No 1 and another investor, has joined Taiwan-based electric scooter maker Gogoro and Poema Holdings, a special purpose acquisition company (SPAC), to Gogoro's PIPE investment, bringing the total funding to $285 million from $257 million. The oversubscribed PIPE (private investment in public equity) round includes investors like Foxconn (Hon Hai), GoTo, Temasek, Generation Investment Management and others, comes to Gogoro in addition to the $345 million from Poema Global, the special purpose acquisition company that Gogoro is likely to merge within the first quarter of 2022.
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The new investment will help sustain Gogoro's expansion operations
Speaking about the new investors, Horace Luke, Founder, Chairman, and CEO - 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 thinking. Gogoro is transforming urban mobility in the world's most densely populated cities by changing how people use and share portable energy and we are well-positioned to transform the urban mobility landscape and capitalise on the electric transition of more than a half-billion two-wheel vehicles in Asia."
Speaking about the investment in Gogoro, Dr Pawan Munjal, Chairman and CEO - 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. At Hero MotoCorp, we remain fully committed to sustainability and playing a key role in bringing clean mobility across the world.
Edward Sun, Portfolio Manager - Engine No. 1, added, "Gogoro's innovative products provide solutions that are critical to helping countries decarbonize their transportation sectors. Our investment will further Gogoro's mission to revolutionize the way that we use and share energy. We look forward to working closely alongside the Gogoro team as they continue to expand globally."
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has accumulated over $1 billion in revenue and 450,000+ battery swap subscribers in just five years
Bruce Aitken, CFO Gogoro Inc. said, "We have three investor groups in our PIPE. Existing investors who wanted to continue to support our vision, new strategic investors who can help us scale and new institutional investors. Adding Hero MotoCorp and Engine No. 1 continues to validate our strategy and plans. Hero MotoCorp is a key OEM and expansion partner and Engine No. 1 will provide strategic guidance on how environmental impact can drive economic value."
Gogoro is currently one of the biggest players in the Taiwanese EV space and its battery swapping ecosystem is expected to make its way to India with the Hero partnership. The company has accumulated over $1 billion in revenue and 450,000+ battery swap subscribers in just five years. The new capital will help Gogoro ensure its momentum in expanding to newer markets.
Hero MotoCorp's first electric scooter developed with inputs from Gogoro will be unveiled in March 2022
In India, Hero MotoCorp is readying its first electric two-wheeler that will be unveiled in March this year. The company's first offering is being developed at its R&D centres in Jaipur and Munich, with inputs from Gogoro and Ather Energy. More details on how Gogoro plays a role in India's EV ecosystem will be revealed later in the year.
