Castrol to invest USD 50M in Gogoro’s battery swapping ecosystem • EVreporter

Castrol, a company specializing in lubricants and part of the bp group, has announced an investment of up to USD 50 million in Gogoro Inc. (Nasdaq: GGR), a technology company in battery-swapping ecosystems for urban mobility solutions.

The initial investment of USD 25 million will be made by Castrol Holdings, an affiliate of Castrol, in ordinary shares of Gogoro. A second USD 25 million investment in the form of a convertible note is anticipated, contingent on certain transactions related to their business collaboration.

The first tranche will result in Castrol acquiring approximately 5.72% of Gogoro’s outstanding ordinary shares, marking Castrol’s initial move to diversify beyond its core lubricants and fluids business under its new strategy, ‘Onward, Upward, Forward’. Gogoro aims to promote sustainable two-wheeler transportation in densely populated cities through its battery swapping platform for lightweight urban vehicles.

“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,” saidMichelle 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 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,” saidHorace Luke, Founder and CEO of Gogoro.

Also read: Gogoro partners with HPCL to introduce battery swapping at fuel retail outlets