TAIPEI (Taiwan News) — Taiwanese electric scooter maker and swappable battery infrastructure provider Gogoro announced on Tuesday (Jan. 18) it has added three new investors to its private investment in public equity (PIPE) funding round.
Gogoro said Indian scooter maker Hero MotoCorp, U.S. impact investing fund Engine No. 1, and another investor will be making PIPE investments, raising the oversubscribed PIPE to US$285 million (NT$7.87 billion) from US$257 million. Existing PIPE investors include Foxconn Technology Group, GoTo Group, Tamesek Holdings, and Generation Investment Management, among others.
“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 capitalize on the electric transition of more than a half billion two-wheel vehicles in Asia,” said Horace Luke (陸學森), founder, chairman, and CEO of Gogoro.
“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 Dr. Pawan Munjal, chairman and CEO of Hero MotoCorp.
“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,” said Edward Sun, portfolio manager at Engine No. 1.
“This additional funding, in addition to our recent F-4 filing, keeps us on track for closing in Q1. Additionally, beating our 2021 revenue target means we are executing our plans and expectations,” said Bruce Aitken, Gogoro chief financial officer.
In September last year, Gogoro announced plans to list on the Nasdaq through a merger with special purpose acquisition company Poema Global Holdings Corp. The deal is set to close during the first quarter of this year.
In less than five years, Gogoro has accumulated over US$1 billion in revenue and over 450,000 battery swap subscribers. Last week, the company announced it plans to have more battery swapping stations in Taiwan than gas stations by the end of 2022.