Gogoro Inc., a Taiwan-based battery-swapping ecosystems firm, has announced an agreement for $50 million investment from Gold Sino Assets Limited (Gold Sino) to continue its leadership in urban battery swapping ecosystems and smart mobility innovation to accelerate the shift to sustainable urban transportation.

Gogoro said in a statement on Monday the funding will be used to continue Gogoro’s growth and development in Taiwan and international expansion markets.

The share and warrant purchase agreement with Gold Sino, Gogoro’s largest shareholder, pursuant to which it will issue to Gold Sino (i) 32.52 million ordinary shares of Gogoro, par value $0.0001 per share, for an aggregate purchase price of $50 million, reflecting a per share purchase price of approximately $1.54 and (ii) a warrant to purchase 10.84 million ordinary shares of Gogoro with an exercise price of $1.69 per share.

The closing of the transactions is expected to occur within the next few 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.

Horace Luke, Founder and Chief Executive Officer of Gogoro, said their partnership with Dr. Yin, Gold Sino and Ruentex Group goes back to Gogoro’s founding.

“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.

Gogoro was founded in 2011 to provide battery-swapping ecosystems that enable sustainable mobility solutions for cities.

The firm is currently involved in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery charging and availability.

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