Taiwanese Gogoro, a global technology leader in battery swapping ecosystems and Poema Global Holdings, a publicly traded special purpose acquisition company, has announced a PIPE (private investment in public equity) investment by its strategic partner, Hero MotoCorp, Engine No. 1 and another investor, which will raise the oversubscribed PIPE from $257 million to $285 million.
The existing PIPE is funded by a variety of investors, said Gogoro, and includes Hon Hai (Foxconn) Technology Group, GoTo Group, Generation Investment Management, Temasek, Gogoro's founding investor, Dr Samuel Yin of Ruentex Group and other vehicle makers and institutional investors.
Dr Pawan Munjal, Chairman & Chief Executive Officer, Hero MotoCorp said the company’s investment in Gogoro's PIPE is in keeping with its 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,” he said, adding the two-wheeler giant is fully committed to sustainability and is playing a key role in bringing clean mobility across the world.
Gogoro is a leader in electric refuelling of lightweight urban vehicles, accumulating over $1 billion in revenue and 450,000+ battery swap subscribers in less than five years.
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, a release issued by the company stated.
Once the transaction is closed, the combined company will be named Gogoro Inc. and will be listed on the NASDAQ under the ticker symbol 'GGR' and 'GGRW.'
Horace Luke, Founder, Chairman, and Chief Executive Officer, Gogoro said, “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.”
Gogoro's innovative products provide solutions that are critical to helping countries decarbonise their transportation sectors, said Edward Sun, Portfolio Manager, Engine No. 1. Sun said this new investment will further Gogoro's mission to revolutionise the way that “we use and share energy”.
Gogoro now has three investor groups in its PIPE. 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, said Bruce Aitken, Chief Financial Officer, Gogoro Inc.