TAIPEI (Taiwan News) — Automotive and industrial lubricant brand Castrol on Tuesday (June 25) confirmed it would invest up to NT$1.63 billion (US$50 million) in Taiwan’s electric scooter maker and battery-swapping infrastructure provider Gogoro. 

The investment will be divided into two tranches, according to a Gogoro press release. In the first tranche, Castrol Holdings, an affiliate of Castrol, will invest US$25 million to acquire 5.72% of Gogoro’s outstanding ordinary shares. 

This is expected to be followed by a second US$25 million investment in the form of a convertible note, which is subject to the completion of certain transactions by the parties in connection with their business collaboration.  

“Two-wheelers are a critical part of our global product portfolio and as our customers transition to electric two-wheelers the Castrol brand has an important role to play in the ecosystem,” said Michelle Jou, CEO of Castrol. 

“Gogoro’s proven battery swapping platform and smart electric two-wheeler vehicles have demonstrated how cities can be transformed when given access to smart, sustainable, and convenient portable power. This investment by Castrol is a testament to this success and enables us to expand even faster,” said Horace Luke (陸學森), founder and CEO of Gogoro.