Electric Scooter Startup Saving 4 Million Litres of Fuel Raises $300M
New global investors include French energy giant, ENGIE, Temasek, Generation Investment Management, and Sumitomo Corporation.
Photo Credit : asia.nikkei.com,
Gogoro, a technology leader transforming how innovation is bridging sustainable energy and urban transportation, today announced the completion of a $300 million series C investment round that includes new investments from Temasek, an investment company headquartered in Singapore, Generation Investment Management, Sumitomo Corporation and ENGIE. The new investors join Gogoro's existing investors Dr. Samuel Yin, founder of the Tang Prize and chairman of Ruentex Group, Panasonic and others.
Founded in 2011 and based in Taiwan, Gogoro is putting energy into things that matter. With a mission to deliver consumer innovations that will improve how the world's most populated cities distribute and utilize energy, the company is enabling the transformation of megacities into smart cities. More than 34,000 Gogoro Smartscooter EVs have been sold and cumulative 4,135,000 liters of gasoline has been while cutting down carbondioxide emissions by 8 million kilograms.
"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 Horace Luke, cofounder and CEO of Gogoro. "New investments from leaders like Temasek and Generation combined with investments from visionary corporations like ENGIE and Sumitomo Corporation are a strong validation of Gogoro's business and market success."
The new investments from Temasek, Generation Investment Management, Sumitomo Corporation and ENGIE, demonstrate strong support for next generation sustainable energy infrastructure and swappable batteries that can be regularly used by consumers in vehicles and other products.
"Cities worldwide are demanding new and sustainable approaches to personal transportation. 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," said Colin le Duc, founding partner and co-head of the Growth Equity strategy for Generation Investment Management. "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."
"Mobility is a key issue for our major cities, which by 2050 will be home to 67 percent of the world's population. At ENGIE, we are contributing to the creation of a new form of mobility that is more fluid, cleaner and more economical in cities and regions throughout the world. This investment in Gogoro illustrates our conviction that mobility is changing and that Gogoro's solutions are promising," said Isabelle Kocher, CEO of ENGIE, the global energy player and expert operator in the three businesses of electricity, natural gas and energy services.
The new investment comes as the company experiences strong consumer momentum for its innovative battery swapping network and Smartscooters in Taiwan and continued expansion and growth of the Coup's e-scooter sharing service in Europe that currently has 1,600 Smartscooters across Berlin and Paris.
The Gogoro Smartscooter EV was the world's first high-performance, smart electric two-wheel vehicle that utilizes the Gogoro Energy Network, an advanced battery-swapping infrastructure for consumers. Gogoro launched Smartscooter EV and Gogoro Energy Network in 2015 in Taipei and rolled it out across Taiwan with strong momentum and success.
"It is great to see new investors from around the world embracing Gogoro's vision and leading a movement towards changing how the world's cities transform into the future," said Dr. Yin. "From the beginning Gogoro had a solid vision for how it would blend innovation, urban transportation and sustainable energy to transform cities and it is no longer just a vision but a reality here in Taiwan, Berlin and now Paris."
Dr. Yin is a Gogoro Board Member and its founding investor. He is one of very few Asians to commit to the Warren Buffett and Bill Gates Giving Pledge and is the founder of the Tang Prize, a set of international awards for individual achievements in Biopharmaceutical Science, Rule of Law, Sinology and Sustainable Development.
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