Gogoro to rollout battery swapping stations to
thousands of HPCL retail gas outlets across India in coming years.
MUMBAI,
India, Nov. 6, 2023 /PRNewswire/ -- Gogoro
Inc. (Nasdaq: GGR), a global technology leader in battery swapping
ecosystems that enable sustainable mobility solutions for cities,
today announced it had signed a Memorandum of Understanding (MoU)
with Hindustan Petroleum Corporation Ltd. (HPCL), a major Indian
oil company, with more than 21,000 retail outlets.
"India is in the early stages
of a massive electric transformation of its urban two-wheel
transportation system and it is increasingly evident that battery
swapping is a critical component to broad adoption, so building out
the swapping infrastructure is crucial. Today, we are announcing a
partnership with HPCL, one of India's leading oil companies, to rollout
thousands of Gogoro battery swapping stations across its retail
outlets throughout the country in the coming years," said
Horace Luke, founder, and CEO of
Gogoro. "There is nowhere on earth that needs smart electric
transportation more than India,
and Gogoro is joining together with the Indian business community
and national and local governments to deploy a battery swapping and
electric vehicle ecosystem that is open, accessible and
scalable."
"HPCL and Gogoro are partnering to develop a broad battery
swapping infrastructure for two-wheel vehicles that will both grow
and sustain a leading electric vehicle ecosystem in India that is safe, clean and readily
available across India's cities,"
said Amit Garg, Director of
Marketing at HPCL. "Gogoro has demonstrated its global
leadership in battery swapping and electric two-wheel innovation
and with nearly 500 million battery swaps to date has developed a
platform we can embrace and emulate."
Gogoro Battery Swapping
With more locations than gas
stations in Taiwan's cities, the
Gogoro Network 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. The
Gogoro Network supports nearly 600,000 riders and has more than 1.3
million smart batteries in circulation through its network of
12,000 battery swapping stations at over 2,500 locations. With more
than 400,000 daily battery swaps and nearly 500 million total
battery swaps to date, Gogoro Network battery swapping has saved
more than 750,000 tons of CO2 since it launched.
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 availability and safety. 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.
About HPCL
HPCL is a Maharatna CPSE and a
Forbes 2000 company. It is listed on the Bombay Stock
exchange (BSE) and National Stock Exchange (NSE), India. HPCL has the second largest share of
product pipelines in India with a
pipeline network of more than 3370 kms for transportation of
petroleum products and a vast marketing network consisting of 14
Zonal offices in major cities and 128 Regional Offices facilitated
by a Supply & Distribution infrastructure comprising Terminals,
Pipeline networks, Aviation Service Stations, LPG Bottling Plants,
Inland Relay Depots & Retail Outlets, Lube and LPG
Distributorships. HPCL is committed to achieve the economic,
ecological & social responsibility objectives of sustainable
development consistently through varied operations and activities.
For more information, visit https://www.hindustanpetroleum.com.
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,
partnership between Gogoro and Hindustan Petroleum Corporation
Ltd.(HPCL), and statements by Gogoro's founder, and chief executive
officer and HPCL's Executive Director, Corporate Strategy and
Business Development, such as the market opportunity in
India and the schedule of Gogoro
battery swapping stations deployment, the capability of Gogoro's
technology, and Gogoro's business plans including its plans to
deploy Gogoro battery swapping stations in India. Gogoro's expectations and beliefs
regarding these matters may not materialize, and actual results in
future periods are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including risks related to the impact of the COVID-19 pandemic,
risks related to macroeconomic factors including inflation and
consumer confidence, risks related to the India scooter market, risks related to
political tensions, risk related to any infringement of other
companies intellectual properties including trademark or patents,
Gogoro's ability to effectively manage its growth, Gogoro's ability
to launch and ramp up the production of Gogoro battery swapping
stations and control its manufacturing costs and manage its
supply chain issues, Gogoro's risks related to ability to expand
its sales and marketing abilities, Gogoro's ability to expand
effectively into India market,
foreign exchange fluctuations, Gogoro's ability to develop and
maintain relationships with its partners including HPCL, risks
related to operating in India
market, regulatory risks and Gogoro's risks related to strategic
collaborations, risks related to India market, collaborations or alliances
including Gogoro's ability to enter into and execute its plans
related to strategic collaborations or alliances in order for such
strategic collaborations or alliances to be successful and generate
revenue, the ability of Gogoro to be successful in the B2B market,
risks related to Gogoro's ability to achieve operational
efficiencies, the risks related to the need for Gogoro to invest
more capital in strategic collaborations or alliances. 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 in Gogoro's Form 20-F for the year
ended December 31, 2022, which was
filed on March 31, 2023 and in its
subsequent filings with the SEC, copies of which are available on
our website and on the SEC's website at www.sec.gov. The
forward-looking statements in this communication are based on
information available to Gogoro as of the date hereof, and Gogoro
disclaims any obligation to update any forward-looking statements,
except as required by law.
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