LONDON and TAIPEI, June 25,
2024 /PRNewswire/ -- Castrol, a global leader in
lubricants and part of the bp group, today announced an investment
of up to US$50 million in Gogoro Inc.
(Nasdaq: GGR), a global technology leader in battery-swapping
ecosystems that enable smart mobility solutions for cities.
In the first tranche of the investment, Castrol Holdings, an
affiliate of Castrol, will invest US$25
million in ordinary shares of Gogoro. This investment is
expected to be followed by a second US$25
million investment in the form of a convertible note, which
is subject to the consummation of certain transactions by the
parties in connection with their business collaboration.
The first tranche investment will result in Castrol acquiring
approximately 5.72% of Gogoro's outstanding ordinary shares and it
will be Castrol's first step to unlock diversification
opportunities beyond its core lubricants and fluids business under
its new 'Onward, Upward, Forward' strategy.
"Two-wheelers are a critical part of our global product
portfolio and as our customers transition to electric two-wheelers
the Castrol brand has an important role to play in the eco-system,"
said Michelle Jou, CEO
Castrol. "Gogoro is a global leader in two-wheeler battery
swapping and our investment in Gogoro is a strategic step towards
diversifying our portfolio, remaining relevant in our customers'
lives, embracing new opportunities to future-proof our iconic
125-year-old brand and to create additional value for our
shareholders."
Gogoro's vision is to accelerate the urban shift to sustainable
two-wheel transportation in the world's most densely populated
cities. At the heart of Gogoro's ecosystem is an open and
interoperable battery swapping platform for lightweight two-wheeler
and three-wheeler urban vehicles.
"Gogoro's proven 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 is a testament to this
success and enables us to expand even faster," said Horace Luke, Founder and CEO of Gogoro.
Notes to Editors:
About Gogoro Battery Swapping
Gogoro battery swapping
is a new generation of swappable battery refueling that is smart,
safe, and continually optimizing itself to be dynamic and versatile
for riders, businesses, and communities. In Taiwan, the Gogoro Network supports more than
600,000 vehicles and has more than 1.3 million smart batteries in
circulation through its network of 12,500 battery swapping
stations. The Gogoro Network supports 450,000 daily battery swaps
with more than 590 million total battery swaps to date. The Gogoro
battery-swapping network is available in 45 cities around the
world, serving 2.8 million ecosystem subscribers.
About Castrol
Castrol, one of the world's leading
lubricant brands, has a proud heritage of innovation and fueling
the dreams of pioneers. Our passion for performance, combined with
a philosophy of working in partnership, has enabled Castrol to
develop lubricants and greases that have been at the heart of
numerous technological feats on land, air, sea and space for over
125 years. Castrol is part of the bp group and serves customers and
consumers in the automotive, marine, industrial and energy sectors.
Our branded products are recognized globally for innovation and
high performance through our commitment to premium quality and
cutting-edge technology. To find out more about Castrol, visit
www.castrol.com or contact bppress@bp.com.
About Gogoro
Founded in 2011 to rethink urban energy
and inspire the world to move through cities in smarter and more
sustainable ways, Gogoro leverages the power of innovation to
change the way urban energy is distributed and consumed. Recognized
and awarded by Frost & Sullivan as the "2023 Global Company of
the Year for battery swapping for electric two-wheel vehicles" and
MIT Technology Review as one of "15 Climate Tech Companies to
Watch" in 2023, Gogoro's battery swapping and vehicle platforms
offer a smart, proven, and sustainable long-term ecosystem for
delivering a new approach to urban mobility. Gogoro has quickly
become an innovation leader 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. The challenge is massive, but
the opportunity to disrupt the status quo, establish new standards,
and achieve new levels of sustainable transportation growth in
densely populated cities is even greater. For more information,
visit https://www.gogoro.com/news and follow Gogoro on
Twitter: @wearegogoro.
Forward-looking statements
This communication contains
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward looking
statements generally relate to future events or Gogoro's future
financial or operating performance. In some cases, you can identify
forward looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates," "going
to," "could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential" or "continue" or
the negative of these words or other similar terms or expressions
that concern Gogoro's expectations, strategy, priorities, plans or
intentions. Forward-looking statements in this communication
include, but are not limited to, the potential second tranche
investment, the potential signing and/or closing of the definitive
agreements in respect of a contemplated electric two-wheeler joint
venture, the potential issuance of the convertible note by Gogoro,
the strategic cooperation of Gogoro and Castrol Holdings, and the
growth prospects of Gogoro. Such statements are based upon
management's current expectations and current market and operating
conditions and relate to events that involve known or unknown
risks, uncertainties and other factors, all of which are difficult
to predict and many of which are beyond Gogoro's control, which may
cause Gogoro's actual results, performance or achievements to
differ materially from those in the forward-looking
statements. The forward looking statements contained in this
communication are also subject to other risks and uncertainties,
including those more fully described in Gogoro's filings with the
Securities and Exchange Commission ("SEC"), including Gogoro's Form
20-F for the year ended December 31,
2023, which was filed on March 29,
2024 and its subsequent filings with the SEC, copies of
which are available on our website and on the SEC's website at
www.sec.gov. All information contained in this communication is
based on information available to Gogoro as of the date hereof, and
Gogoro disclaims any obligation to update any such information,
except as required by law.
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SOURCE Gogoro Inc