Hero MotoCorp to invest in Gogoro's EV battery swap technology, Know company's plans

One of the leading two-wheeler manufacturer Hero MotoCorp, has opted to invest in a startup that pioneered electric vehicle battery swap technology. The two-wheeler maker will invest in Taiwanese business Gogoro and Poema Global Holdings, a special purpose acquisition company, with investment firm Engine No 1 and another investor.

Many reports suggest the investment will bring total capital to $285 million. This is Hero MotoCorp's second major investment in less than a week. Earlier this year, the Indian two-wheeler maker announced a 420-crore investment in Ather Energy, an electric scooter company.

Chairman and Chief Executive Officer of Hero MotoCorp, Pawan Munjal, stated, "Our investment in Gogoro's PIPE fits with our mission statement, "Be the Future of Mobility." We've already formed a partnership with Gogoro to deliver modern electric vehicles and its battery-swapping network to India and other parts of the world."

He went on to say, "We are totally dedicated to sustainability and playing a significant role in providing clean mobility to the world."

"We are proud to be adding PIPE investors Hero MotoCorp, a global leader in two-wheel vehicles, and Engine No 1, a strategic investment group focused on creating long-term value by harnessing the power of capitalism to drive greater ESG (environmental, social, and governance) thinking," said Horace Luke, Founder, Chairman, and CEO of Gogoro.

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