Gogoro Inc., a Taiwan-based technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, on Tuesday became a publicly listed company trading on the Nasdaq Global Select Market with its ordinary shares and warrants listed under the new ticker symbols “GGR” and “GGROW”, respectively.
The company completed the previously announced merger with Poema Global on April 4, 2022. The combined company will now operate as Gogoro.
“Gogoro battery swapping is transforming urban mobility in the world’s most densely populated cities by changing how people use and share portable energy. With innovative technology, an expanding global footprint, and an experienced management team, Gogoro is well-positioned to transform the urban mobility landscape and capitalize on the electric transition of nearly a billion two-wheel vehicles,” Gogoro Founder, Chairman and Chief Executive Officer Horace Luke said in a statement.
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. Its battery swapping and vehicle platforms offer a smart, proven and sustainable long-term ecosystem for delivering a new approach to urban mobility.
The company has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety.
While the industry challenge is massive, it said the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater.
The company is backed by investors including Dr. Samuel Yin, Founder and Chairman of Ruentex Group, an early investor; Generation Investment Management, a sustainable investment company; Temasek, a global investment company headquartered in Singapore; Hon Hai (Foxconn) Technology Group, the world’s largest electronics manufacturer; GoTo Group, the largest technology group in Indonesia, Hero MotoCorp, a global leader in two-wheel vehicles; Engine No. 1, a strategic investment group and Sumitomo Corporation, a Japanese conglomerate.
On March 31, Gogoro and Poema Global announced shareholder approval of business combination.
Gogoro said in an earlier statement that the firm has achieved important milestones in 2021 and 2022, including strategic partnerships with established local leaders to expand in China, India, and Indonesia, the world’s top three two-wheel markets, with a combined total addressable market of more than 500 million vehicles.
Earlier this year, it manufactured its one-millionth smart battery, and has managed more than 275 million battery swaps to date, becoming the battery swapping standard for two-wheel vehicles in Taiwan, powering 97 percent of all electric two-wheelers.
“We expect Gogoro to continue transforming urban mobility in the world’s most densely populated cities by changing how people use and share portable energy. Gogoro is committed to accelerating the growth and adoption of electric two-wheel vehicles, and we are taking a proactive approach to supporting the development of an open mobility ecosystem that establishes a foundation for electric urban refueling. We look forward to embarking on the next chapter of our journey as a publicly traded company and taking our proven technologies and offerings to the world’s largest two-wheel markets,” Luke said in the earlier statement.
Meanwhile, Poema Global Chief Executive Officer Homer Sun said, with the proceeds from the business combination, he expects that Gogoro will have the resources to fully execute against its vision, and further accelerate its expansion in the world’s largest two-wheel markets.
“Gogoro is unrivaled in its battery swapping technology and ability to enable electric mobility adoption for two-wheel vehicles in cities. We are excited to close this transaction, and I look forward to continuing to work alongside Horace and the Gogoro team to make our future of electric urban mobility a reality,” he said.
As a result of the business combination, Gogoro is expected to receive at least $335 million total cash including $295 million in proceeds from the oversubscribed private investment in public equity (PIPE) financing commitments received in connection with the business combination, led by institutional investors and strategic partners, including Engine No. 1, Generation Investment Management, GoTo Group, Hon Hai (Foxconn) Technology Group, Temasek, Ruentex Group and others.
Upon closing of the business combination, Sun will join Gogoro’s board of directors.