ImpactAlpha, January 19 – Taipei-based Gogoro builds zero-emission and electric smartscooters with swappable batteries. It recently brought its battery swapping stations to mainland China, which has some of the world’s most densely populated urban areas.
Gogoro filed last September to become a publicly listed company through a merger with Poema Global Holdings Corp., a special purpose acquisition company, or SPAC. The deal, which would value the company at $2.35 billion, is expected to close this quarter.
Engine No. 1, India’s Hero MotoCorp and an undisclosed investor are investing in Gogoro via a private investment in public equity, or PIPE, funding round. The PIPE structure allows private investors to purchase shares of publicly traded stocks.
The investment brings Gogoro’s total raised to date to $285 million from investors including Generation Investment Management and Temasek.
Gogoro is looking to go global with its subscription-based battery swapping service; Hero MotoCorp is bringing the model to India.
“Gogoro’s innovative products provide solutions that are critical to helping countries decarbonize their transportation sectors,” said Engine No. 1’s Edward Sun. “Our investment will further Gogoro’s mission to revolutionize the way that we use and share energy.”
Engine No. 1 “will provide strategic guidance on how environmental impact can drive economic value,” said Gogoro’s Bruce Aitken.