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Gogoro, a technology leader in urban electric mobility and battery swapping, to list on through a merger with Poema Global Holdings

  • Gogoro has entered into a definitive merger agreement with Poema Global Holdings that sets Gogoro’s enterprise value at $2.35 billion; upon closing, the combined company will list on the under the ticker symbol “GGR”
  • The business combination is expected to provide approximately $550 million in proceeds (assuming no redemptions) to Gogoro’s balance sheet including an oversubscribed PIPE of over $250 million as well as $345 million currently held in trust by Poema Global
  • The PIPE is funded by strategic partners including Hon Hai (Foxconn) Technology Group and GoTo, the largest technology group in Indonesia, vehicle partners, and new and existing financial investors including Generation Investment Management, Taiwan’s National Development Fund, Temasek as well as Gogoro’s founding investor, Dr. Samuel Yin of Ruentex
  • Use of proceeds include expansion into China, India and Southeast Asia as well as continued research and development of Gogoro’s battery swapping ecosystem and its smart, sustainable urban mobility solutions.
  • The transaction closing is targeted for the first quarter of 2022

Gogoro, a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, and Poema Global Holdings, a publicly traded special purpose acquisition company, announced a definitive agreement for a business combination that would result in Gogoro becoming a publicly listed company. The combined company will focus on accelerating the global expansion of Gogoro’s unique and proven subscription-based battery swapping service along with its electric vehicle and component sales business. Upon the transaction closing, the combined company will be named Gogoro and will be listed on the under the ticker symbol “GGR.”

Gogoro’s battery swapping ecosystem is an established solution for electric refueling of lightweight urban vehicles. In less than five years, the Company has accumulated over $1 billion in revenue and 400,000+ battery swap subscribers. 

Gogoro is transforming urban mobility in the world’s most densely populated cities by changing how people use and share portable energy. Since launching in 2015, Gogoro battery swapping has handled more than 200 million battery swaps and saved over 300 million kilograms of CO2. Building off of this success, we have announced our expansion into China with Yadea and DCJ, and into India with Hero Moto,” said Horace Luke, founder, chairman, and chief executive officer of Gogoro. “Much of world commutes on two wheels, and cities are embracing sustainable energy and smart city technologies in unprecedented ways. One of the greatest challenges is transitioning from legacy personal transportation systems to more intelligent and sustainable mobility solutions. With our vision, innovative technology, expanding global footprint and experienced management team, Gogoro is well positioned to transform the urban mobility landscape and capitalize on the electric transition of more than a half billion two-wheel vehicles.”

As part of its growth strategy, Gogoro will be introducing its battery swapping in China in late 2021, and is partnering with Yadea, the #1 electric two-wheel maker in the world, and Dachangjiang (DCJ), the #1 gas-powered two-wheel maker in China. The Company has also announced a joint venture with Hero Moto, the two-wheel vehicle maker in India, to build its battery swapping ecosystem in India. In addition, Gogoro has established partnerships with other global leaders in two-wheel mobility, including Yamaha, Tailing eReady (a joint venture with Suzuki in Taiwan), AeonMotor, PGO and CMC eMOVING.

Poema Global is excited to be partnering with Gogoro, a global technology leader in urban electric mobility that has demonstrated the scalability and attractiveness of its next generation battery swapping technology in Taiwan,” said Homer Sun, chief executive officer of Poema Global. “We believe the technology differentiation Gogoro has developed in combination with the world-class partnerships it has forged will drive significant growth opportunities in the two largest two-wheeler markets in the world. We are committed to working alongside Gogoro’s outstanding management team to support its geographic expansion plans and its transition to a listed company.”  

Gogoro – A Leader in Urban Mobility

Founded in 2011, Gogoro has designed and built a broad portfolio of innovations in battery swapping, smart batteries, cloud services, compact electric propulsion, and vehicle design. Together, these innovations have created an enablement platform for companies to deliver new urban mobility products and businesses utilizing the largest and most intelligent urban mobility ecosystem focused on battery swapping for electric refueling. 

The Gogoro Network is an open platform for battery swapping and smart mobility services, delivering a fresh alternative to legacy fuel. Gogoro Network combines the power of smart connectivity, artificial intelligence, and machine learning to create a new generation of swappable battery refueling that is smart, scalable, and continually optimizing itself to be dynamic and versatile for people, communities, and businesses. Gogoro has been recognized by Guidehouse Insights as the battery swapping company for lightweight urban vehicles in the world.

First introduced in 2015, Gogoro’s Smartscooters™ are recognized for their revolutionary design and performance and lead the market in sophistication, intelligence, and consumer reviews. 

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