May 26, 2022

Gogoro Co. Taiwan’s thriving two-wheeler is poised for success thanks to a battery replacement ecosystem that others have tried and failed at – and now it has the money to do so.

On Monday, the company completed a merger with specialist firm Poema Global and is now listed on the Nasdaq under the ticker symbol GGR. I hope gogoro Cash income of $335 million by agreement.

Gogoro’s public launch and fundraising success suggest that a market for battery replacement stations exists, but only under favorable conditions. Israeli startup Better Place tried it about ten years ago failed spectacularly popularize Battery replacement for electric vehicles. But it was still too early for mass distribution of electric vehicles for such a business to be successful, and it required huge investments to build all the infrastructure needed to simply replace the batteries of large four-wheelers on a large scale.

Encouraged by better market conditions and better times, Gogoro was able to discover the recipe needed to improve its battery replacement system. But that doesn’t mean that Gogoro’s business model will work everywhere. Make changes to succeed, and Gogoro knows it.

Instead, the company is targeting markets where it can win, namely densely populated Asian cities where two-wheelers are already popular. Gogoro will use fresh funds from its IPO to expand further in Taiwan as it has subsidiaries in major markets such as China, India and Indonesia.

Why is it important to change the battery

Since its introduction in 2011, Gogoro’s “Swap and Go” battery swapping solution with Gogoro batteries allows electric moped, scooter and motorcycle riders to easily swap out a dead battery for a fully charged one.Is – has been ubiquitous in Taiwan. Shared with Gogoro Smartscooter, which the company first released in 2015. To develop its business model, the battery swap system enabled the use of electric two-wheelers.

In Taipei, a quarter of all new scooters sold last December were electric, and 97% of e-scooters sold nationally in 2021 were either Gogoro scooters or Gogoro batteries, according to data provided by the Taiwan government, and were powered charging infrastructure. . ,

just last week Taiwan says all new cars and scooters must be zero-emission by 2040 The government is allocating about US$5.8 billion (NT$168.3 billion) for this purpose, including using subsidies and other incentives to increase the share of new electric scooters to 35% by 2030 and 70% by 2035.

“It’s a huge endorsement of what we’re doing,” said Horace Luke, CEO and founder of Gogoro, gaming-updates. “Business must grow to take advantage of this transition and support our partners. We have YAMAHA, SUZUKI TAIWAN, AEON, PGO, and some people are looking for us to build the infrastructure that goes to electric vehicles. I

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