Taiwan’s Gogoro to go public through a USD 2.35 billion SPAC merger

Taiwan’s Gogoro to go public through a USD 2.35 billion SPAC merger

by Pranali Mehta

Gogoro, a Taiwan-based startup that develops electric scooters and swappable battery infrastructure, is reportedly planning for a Nasdaq listing following a merger with Poema Global, a special purpose acquisition company that is affiliated with Princeville Capital.

The deal will value Gogoro at USD 2.35 billion and is likely to close during the first quarter of 2022, with the combined entity being known as Gogoro Inc. and traded as GGR.

The company expects to make around USD 550 million in proceeds, which includes an oversubscribed private investment in public equity (PIPE) worth USD 250 million as well as USD 345 million in trust by Poema Global.

Gogoro intends to use the fresh capital to reinforce as well as expand its reach to India, China, and Southeast Asia. For those unaware, Gogoro specializes in providing smart swappable batteries, a charging infrastructure, and cloud software that can monitor the performance of batteries and vehicles.

The 10-year old startup also makes its platform available through PBGN (Powered by Gogoro Network) program, which allows partners to develop vehicles that use Gogoro’s batteries and swapping infrastructure.

Gogoro claims to have generated around USD 1 billion in revenue and around 400,000 subscribers for its battery swapping tech in less than five years. The recent SPAC deal comes just months after Gogoro announced various partnerships in India and China.

The company is working with DCJ and Yadea in China to develop a battery-swapping network. The startup is planning to launch its pilot program in Hangzhou during the fourth quarter in 2021 and will expand to six additional cities by the next year.

Meanwhile in India, it has teamed up with Hero MotoCorp. to introduce electric scooters based on Gogoro’s tech. Sources confirmed that Hero has already begun working on its first Gogoro-powered vehicle and will introduce its battery-swapping infrastructure in New Delhi by 2022.

Source Credits –

https://techcrunch.com/2021/09/16/gogoro-will-go-public-on-nasdaq-after-2-35b-spac-deal/

 

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writRead more...