In order to maintain its leadership in urban battery-swapping ecosystems and smart mobility innovation to hasten the transition to sustainable urban transportation, Gogoro Inc., a Taiwan-based company that develops battery-swapping ecosystems, has announced an agreement for a $50 million investment from Gold Sino Assets Limited (Gold Sino).
The funds will be utilized to maintain Gogoro’s growth and development in Taiwan and international expansion markets, the company said in a statement.
The purchase agreement for shares and warrants with Gold Sino, Gogoro’s largest shareholder, states that Gogoro will issue (i) 32.52 million common shares, par value $0.0001 per share, to Gold Sino for an overall purchase price of $50 million, or roughly $1.54 per share, and (ii) a warrant to purchase 10.84 million common shares, with an exercise price of $1.69 per share.
It is anticipated that the transactions will close in the coming days.
“With the success of its revolutionary battery swapping ecosystem, Gogoro continues to lead the two-wheel transformation that is shaping cities of the future to be smart, sustainable, and accessible,
“Gogoro is delivering on its vision. As Gogoro continues growing its lead in Taiwan and in its expansion markets, it is important that it continues to have the resources and flexibility to operate efficiently and continue to deliver cutting-edge innovation, unparalleled customer experience, and great value to customers,” said Dr. Samuel Yin of Gold Sino and the chairman of Ruentex Group.
Gogoro’s founder and CEO, Horace Luke, stated that the company has always collaborated with Gold Sino, Dr. Yin, and Ruentex Group.
“Dr. Yin has been our greatest advocate and shares a strong vision for how smart mobility and clean energy can create healthier and more vibrant cities,
“This investment is a strong testament to Gogoro’s business model and vision for growing our business globally,” he added.
In order to provide battery-swapping ecosystems that facilitate sustainable urban mobility solutions, Gogoro was founded in 2011.
The company’s current projects include designing electric vehicles, designing intelligent batteries, swapping out batteries, and providing advanced cloud services that use artificial intelligence to control battery availability and charging.
