TAIPEI (Taiwan News) — Taiwanese electric scooter maker and battery-swapping ecosystem provider Gogoro is going public on the Nasdaq.
The company intends to list through a merger with special purpose acquisition company (SPAC) Poema Global Holdings Corp, said Gogoro founder and CEO Horace Luke at a press conference in Taipei on Thursday (Sept. 16).
The deal would set Gogoro’s enterprise valuation at US$2.35 billion, according to Luke. The transaction will add around US$550 million in cash to Gogoro’s balance sheet, including US$345 million held in trust by Poema Global and an oversubscribed private investment in public equity (PIPE) of over US$250 million.
PIPE investors include Foxconn Technology Group, Taiwan’s National Development Fund, Singaporean sovereign wealth fund Temasek, Indonesia’s GoTo Group, and Generation Investment Management.
Funds raised through the IPO will be used to fund research and development, regional expansion, and global operations, Gogoro said. The merger is expected to be completed in the first quarter of 2022 and will see Gogoro listed on the Nasdaq under the symbol GGR.
According to Luke, Gogoro plans to expand its battery-swapping service to Hangzhou, China, in Q4 this year, while New Delhi, India, is set to come online in 2022. After that, the company will look for opportunities in Southeast Asia.
Founded in 2011, Gogoro has come to dominate the electric scooter market in Taiwan with its Smart scooters and battery-swapping infrastructure. Before Gogoro came on the scene, most of the country’s e-scooters used traditional, time-consuming charging, whereas now, 97% of Taiwan’s electric scooters use battery-swapping technology.
Gogoro recently announced that it now has more than 400,000 subscribers for its battery-swapping platform (Powered by Gogoro Network). It currently operates 2,101 charging stations around Taiwan, with 85 more set to come online soon.
Gogoro founder and CEO Horace Luke making IPO announcement. (Taiwan News photo)