UK-based industrial and automotive lubricants supplier Castrol, part of the bp group, will invest up to $50 million in Taiwanese battery swapping firm Gogoro.
Gogoro is developing is an open and interoperable battery swapping platform for lightweight two-wheeler and three-wheeler urban vehicles. The company aims to accelerate the shift to sustainable two-wheeler transportation in the world’s most densely populated cities.
In the first tranche of the investment, Castrol Holdings, an affiliate of Castrol, will invest $25 million in ordinary shares of Gogoro for a 5.72% stake in the company. This will be followed by a second $25 million investment in the form of a convertible note, subject to the companies concluding certain transactions in connection with their business collaboration.
“Gogoro’s battery swapping platform and smart electric two-wheeler vehicles have demonstrated how cities can be transformed when given access to smart, sustainable and convenient portable power. This investment by Castrol enables us to expand even faster,” said Horace Luke, founder and CEO of Gogoro.
Source: Castrol