Gogoro has a joint venture with Bosch to operate an electric scooter rental service across Berlin and Paris with 1600 scooters. The key is the ability to easily swap batteries to extend the usage. THe investment will be used for R&D and to expand the network of GoStations where the batteries can be swapped, managed via an app.
The new investors in Series C include Temasek, a Singapore investment company, Generation Investment Management, Sumitomo and Fench energy company ENGIE. The new investors join Gogoro’s existing investors Dr. Samuel Yin, founder of the Tang Prize and chairman of Ruentex Group, Panasonic and others.
“One of the greatest challenges of our time is transitioning our cities to a smarter and more sustainable energy and transportation infrastructure. Gogoro provides a new approach for cities to embrace sustainable energy through a smart connected infrastructure and battery swapping system that has demonstrated success across Taiwan and Berlin,” said Horace Luke, co-founder and CEO of Gogoro. “New investments from leaders like Temasek and Generation combined with investments from visionary corporations like ENGIE and Sumitomo Corporation are a strong validation of Gogoro’s business and market success.”
“Mobility is a key issue for our major cities, which by 2050 will be home to 67% of the world’s population. At ENGIE, we are contributing to the creation of a new form of mobility that is more fluid, cleaner and more economical in cities and regions throughout the world. This investment in Gogoro illustrates our conviction that mobility is changing and that Gogoro’s solutions are promising,” said Isabelle Kocher, CEO of ENGIE.
Gogoro launched Smartscooter EV and the Gogoro Energy Network in 2015 in Taipei and rolled it out across Taiwan, raising $150m i its first two rounds. There are now over 400 GoStations to swap batteries for the 34,000 scooters that have been sold. 17,000 batteries are swapped per day, giving a total of 6m swpas to dae.
“It is great to see new investors from around the world embracing Gogoro’s vision and leading a movement towards changing how the world’s cities transform into the future,” said Dr. Yin. “From the beginning Gogoro had a solid vision for how it would blend innovation, urban transportation and sustainable energy to transform cities and it is no longer just a vision but a reality here in Taiwan, Berlin and now Paris.”