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Gogoro® Inc., a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, and Poema Global Holdings Corp., a publicly-traded special purpose acquisition company, announced its strategic partner, Hero MotoCorp, Engine No. 1 and another investor will be making a PIPE investment, raising the oversubscribed PIPE from $257 million to $285 million.
Engine No. 1 is an investment firm purpose-built to create long-term value by driving positive impact through active ownership. Poema Global Holdings Corp. is a special purpose acquisition company affiliated with Princeville Capital formed for the purpose of entering into a combination with one or more businesses.
Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed.
“We are proud to be adding PIPE investors Hero MotoCorp, a global leader in two-wheel vehicles, and Engine No. 1, a strategic investment group focused on creating long-term value by harnessing the power of capitalism to drive greater ESG thinking,” said Horace Luke, founder, chairman, and chief executive officer of Gogoro. “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.”
The existing PIPE is funded by a variety of investors including strategic partners Hon Hai (Foxconn) Technology Group and GoTo Group, the largest technology group in Indonesia, Gogoro vehicle partners, and new and existing financial investors including Generation Investment Management, Temasek as well as Gogoro’s founding investor, Dr. Samuel Yin of Ruentex Group.
“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 & Chief Executive Officer, Hero MotoCorp. “At Hero MotoCorp, we remain fully committed to sustainability and playing a key role in bringing clean mobility across the world.”
“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. “We look forward to working closely alongside the Gogoro team as they continue to expand globally.”
“Gogoro is excited to add Hero MotoCorp and Engine No. 1 to its PIPE. 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 to our plans and expectations,” said Bruce Aitken, chief financial officer, Gogoro Inc.
“We have three investor groups in our PIPE. Existing investors who wanted to continue to support our vision, new strategic investors who can help us scale, and new institutional investors. Adding Hero MotoCorp and Engine No. 1 continues to validate our strategy and plans. Hero MotoCorp is a key OEM and expansion partner and Engine No. 1 will provide strategic guidance on how environmental impact can drive economic value.”
Gogoro’s battery swapping ecosystem is an established leading solution for the electric refueling of lightweight urban vehicles. In less than five years, the Company has accumulated over $1 billion in revenue and 450,000+ battery swap subscribers.
The combined company will focus on accelerating the global expansion of Gogoro’s unique and proven subscription-based battery swapping service along with its electric vehicle and component sales business. Upon the transaction closing, the combined company will be named Gogoro Inc. and will be listed on the Nasdaq under the ticker symbol “GGR” and “GGRW.”