SIDBI recognition makes specific Gogoro
vehicles eligible for SIDBI financial programs that are
focused on increasing EV penetration in India.
SIDBI is the principal financial institution
set up in 1990 under an Act of India's Parliament for the promotion,
financing, and development of the Micro, Small and Medium
Enterprise (MSME) sectors.
DELHI,
India, Nov. 29, 2023 /PRNewswire/ -- Gogoro Inc.
(Nasdaq: GGR), a global technology leader in battery-swapping
ecosystems that enable sustainable mobility solutions for cities,
today announced it has been recognized by the Small Industries
Development Bank of India (SIDBI)
as an empaneled OEM making its registered vehicles eligible for
SIDBI's EV financing programs. The announcement was made at the
Micro, Small & Medium Enterprises (MSME) & Start-up
Stakeholder Consultation Meeting, organized by SIDBI in
Delhi that engaged more than 350
start-ups.
"SIDBI's "50K-EV4ECO" flagship
mission is to foster electric vehicle adoption across India," said Dr. R. K Singh, Chief General
Manager of SIDBI. "As part of this initiative SIDBI provides
innovative financing facilities to strengthen the EV ecosystem for
commercial uses through direct and indirect lending that enables
enterprises to transition to electric mobility."
Since its formation in 1990, SIDBI has been impacting the lives
of India's citizens across various
aspects of society through its integrated, innovative and inclusive
approach. Be it traditional domestic industry, small,
bottom-of-the-pyramid entrepreneurs, medium enterprises to high-end
knowledge-based industries and export promotions, SIDBI has
directly or indirectly touched the lives of more than 36 million
people in the medium and small enterprises sector, through various
credit and developmental measures.
"This collaboration marks a significant step in creating a
robust EV ecosystem in India by
providing financing to support the transition to cleaner and
greener transportation alternatives," said Horace Luke, CEO and founder of Gogoro. "The
Government of India, under its
EV30@30 mission, is taking meaningful steps forward to accelerate
EV adoption. Initiatives like this help two-wheel EV buyers and
fleet operators secure financial assistance at better terms to
adopt Gogoro vehicles and battery swapping."
Gogoro has been at the forefront of revolutionizing urban
mobility with its innovative electric scooters and advanced
battery-swapping technology. This initiative makes Gogoro the first
global electric two-wheel OEM and the first battery-swapping player
to qualify for empanelment with SIDBI. Through this initiative,
Gogoro aims to facilitate and accelerate the adoption of electric
vehicles (EVs) in India.
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. 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 more than 500 million total battery swaps to
date, Gogoro Network battery swapping has saved more than 770,000
tons of CO2 since it launched.
About SIDBI (Small Industries Development Bank of
India)
SIDBI is the
principal financial institution set up under an Act of Parliament
for the promotion, financing, and development of the Micro, Small
and Medium Enterprise (MSME) sector and for the coordination of
functions of institutions engaged in similar activities. Over the
years, SIDBI has been instrumental in taking up various initiatives
for the development of the MSME sector through credit and more
importantly, credit-plus activities.
Website: https://www.sidbi.in/en
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.
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, eligibility for Small
Industries Development Bank of India (SIDBI)'s financial EV financing
programs, and statements by Gogoro's founder, and chief executive
officer and Dr. R. K Singh, Chief General Manager of SIDBI, such as
the market opportunity in India
and transition to electric mobility in India, the capability of Gogoro's technology,
and Gogoro's business plans including its plans to deploy Gogoro
battery swapping stations and sell Gogoro two-wheeled electric
vehicles 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 two-wheeled electric vehicles 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, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gogoro-is-first-foreign-two-wheel-vehicle-oem-and-battery-swapping-provider-to-be-recognized-by-the-small-industries-development-bank-of-india-sidbi-302000081.html
SOURCE Gogoro