India's largest two-wheeler maker Hero MotoCorp, along with Engine No 1 and one other investor has joined Gogoro and Poema Global Holdings, a special purpose acquisition company (SPAC), PIPE investment, raising the raising the total funding to $285 million, according to an exchange filing.
The existing PIPE (private investment in public equity) is funded by a variety of investors including strategic partners Hon Hai (Foxconn) Technology Group and GoTo Group, the largest technology group in Indonesia, Gogoro vehicle partners, and new and existing financial investors including Generation Investment Management, Temasek as well as Gogoro’s founding investor, 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," said Pawan Munjal, Hero MotoCorp CEO.
“At Hero MotoCorp, we remain fully committed to sustainability and playing a key role in bringing clean mobility across the world."
Gogoro is a Taiwanese company best known for its electric Smartscooters and swappable battery infrastructure. Gogoro’s battery swapping ecosystem is an established leading solution for electric refueling of lightweight urban vehicles. In less than five years, the company has accumulated over $1 billion in revenue and 450,000+ battery swap subscribers.
The latest funding comes in addition to the $345 million coming from Poema Global, the special purpose acquisition company that Gogoro is expected to merge with in Q1 2022.
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 will be named Gogoro Inc. and will be listed on the Nasdaq under the ticker symbol GGR and GGRW.