This will raise Gogoro’s total funding from $257 million to $285 million
Homegrown two-wheeler giant Hero MotoCorp and investment firm Engine No. 1, along with another investor, will invest in Taiwanese electric vehicle battery swapping ecosystems provider Gogoro Inc and Poema Global Holdings, a special purpose acquisition company.
This will raise Gogoro’s total funding from $257 million to $285 million.
The existing PIPE (private investment in public equity) is funded by a variety of investors including strategic partners Foxconn Technology Group and GoTo Group, Gogoro vehicle partners, and new and existing financial investors including Generation Investment Management, Temasek as well as Gogoro’s founding investor, Dr Samuel Yin of Ruentex Group.
“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,” Hero MotoCorp Chairman and Chief Executive Officer Pawan Munjal said.
Gogoro’s founder, Chairman and CEO Horace Luke 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.”
Luke added, “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.”
Edward Sun, portfolio manager at Engine No. 1, said Gogoro’s innovative products provide solutions that are critical to helping countries de-carbonise their transportation sectors.
In September last year, Gogoro had announced plans to list on NASDAQ through a merger with Poema Global Holdings Corp.
The combined company will focus on accelerating the global expansion of Gogoro’s unique and proven subscription-based battery swapping service along with its electric vehicle and component sales business. Upon the transaction closing, the combined company will be named Gogoro Inc. and will be listed on the Nasdaq under the ticker symbol “GGR” and “GGRW.”
