The Gogoro Energy Network provides cities and consumers with an advanced battery-swapping infrastructure
Sustainable energy and urban transport technology company, Gogoro, has announced the completion of a $300 million Series C investment round. It includes new investments from Temasek, an investment company headquartered in Singapore, Generation Investment Management, Sumitomo Corporation and French energy company, ENGIE.
The new investors join Gogoro’s existing investors Dr Samuel Yin, founder of the Tang Prize and chairman of Ruentex Group, Panasonic and others.
The Gogoro Smartscooter EV, launched in Taiwan in 2015, is the world’s first high-performance, smart electric two-wheel vehicle that utilises the Gogoro Energy Network, an advanced battery-swapping infrastructure for consumers. More than 34,000 Gogoro Smartscooter EVs have been sold and 400+ GoStation battery swapping stations deployed. Currently, 17,000 batteries are swapped per day.
“One of the greatest challenges of our time is transitioning our cities to a smarter and more sustainable energy and transportation infrastructure,” said Horace Luke, co-founder and CEO of Gogoro.
“Gogoro provides a new approach for cities to embrace sustainable energy through a smart connected infrastructure and battery swapping system that has demonstrated success across Taiwan and Berlin.
“New investments from leaders like Temasek and Generation combined with investments from visionary corporations like ENGIE and Sumitomo Corporation are a strong validation of Gogoro’s business and market success.”
The new investments from Temasek, Generation Investment Management, Sumitomo Corporation and ENGIE, demonstrate strong support for next generation sustainable energy infrastructure and swappable batteries that can be regularly used by consumers in vehicles and other products.
“Cities worldwide are demanding new and sustainable approaches to personal transportation. Under the leadership of its seasoned management team, Gogoro is proving that its scooters and energy platform are an attractive solution for cities, consumers, and businesses,” said Colin le Duc, founding partner and co-head of the growth equity strategy for Generation Investment Management.
“Gogoro is poised for strong growth. We believe its exciting brand and visionary business model will play a critical role in driving the electrification of mobility across South East Asia”.
The new investment comes as the company experiences strong consumer momentum for its innovative battery swapping network and Smartscooters in Taiwan and continued expansion and growth of the Coup’s e-scooter sharing service in Europe that currently has 1,600 Smartscooters across Berlin and Paris.
“It is great to see new investors from around the world embracing Gogoro’s vision and leading a movement towards changing how the world’s cities transform into the future,” said Dr Yin, Gogoro board member and its founding investor.
“From the beginning Gogoro had a solid vision for how it would blend innovation, urban transportation and sustainable energy to transform cities and it is no longer just a vision but a reality here in Taiwan, Berlin and now Paris.”
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In the end, the aggregation of multiple modes of transport that ensure accessibility for everyone will win