Taiwan e-scooter maker Gogoro raises US$300M to grow its battery swapping network
Gogoro has built a network stations that make it easy and convenient for riders to switch to electric
Gogoro, a Taiwanese electric scooter company with a global footprint, announced today it has raised a US$300 million Series C from notable investors like Temasek, Generation Investment Management, Sumitomo Corporation and ENGIE.
With a mission to tackle the globe’s current environmental problem, the company has built a network of battery swap stations to make riding an e-scooter more convenient. For example, in Taiwan, the company has 415 stations and estimates over 20,000 swaps per day.
The bike was launched in 2015 and can top out at 95 km/h (60mph). It looks a bit like a Vespa, but advertises itself as a more high-performing vehicle with an injection of ‘racer’ in the bikes.
Most importantly, it generates zero emissions.
“One of the greatest challenges of our time is transitioning our cities to a smarter and more sustainable energy and transportation infrastructure. Gogoro provides a new approach for cities to embrace sustainable energy through a smart connected infrastructure and battery swapping system that has demonstrated success across Taiwan and Berlin,” said Gogoro Co-founder and CEO Horace Luke in a statement.
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In Taiwan, the company sells its bikes, while in Europe it operates more like a sharing service with 1,600 bikes across Berlin and Paris.
This investment should be used to further expand the service across Europe and Asia.
Colin le Duc, a founding partner Generation Investment Management, cited an increasing demand amongst the world’s cities for sustainable transportation as a motivation for the investment.
“Under the leadership of its seasoned management team, Gogoro is proving that its scooters and energy platform are an attractive solution for cities, consumers, and businesses,” he said.
“Gogoro is poised for strong growth. We believe its exciting brand and visionary business model will play a critical role in driving the electrification of mobility across South East Asia,” he added.
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The latest investment brings the total Gogoro war chest to US$480 million.
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