Taiwan-based electric scooter company and battery swapping network Gogoro has officially gone public, listing this morning on the Nasdaq exchange.
Gogoro goes public
The move follows an announcement of Gogoro’s Nasdaq ambitions made in Q3 of 2021.
Gogoro officially merged with Poema Global yesterday in a SPAC deal, with the combined company now operating as Gogoro Inc.
Starting at market open this morning, the company will begin trading on the Nasdaq Global Select Market with its ordinary shares and warrants now listed under the new ticker symbols GGR and GGROW, respectively.
More than just electric scooters
While many people know of Gogoro from the company’s numerous models of popular high-speed electric scooters, Gogoro’s biggest accomplishment is the development of its battery swapping network.
The lunch box–size 1.7 kWh batteries are used to power light electric vehicles such as electric scooters and motorbikes, with multiple batteries used together to provide longer range and higher power.
Gogoro operates a vast network of over 2,000 GoStations in its domestic market of Taiwan, where riders can pull up, swap in a new battery or two, then continue on their way in a matter of seconds.
The solution completely removes the hassle of charging, and also reduces the price of vehicles as the battery remains owned by the company operating the network. The GoStations will soon outnumber gas stations across the country.
As Gogoro’s founder, chairman and CEO Horace Luke explained in a statement provided to Electrek:
Gogoro battery swapping is transforming urban mobility in the world’s most densely populated cities by changing how people use and share portable energy. With innovative technology, an expanding global footprint, and an experienced management team, Gogoro is well positioned to transform the urban mobility landscape and capitalize on the electric transition of nearly a billion two-wheel vehicles.
Gogoro’s electric scooters are the top-selling models in Taiwan, but other companies have also partnered with Gogoro to develop electric motorbikes that use Gogoro’s proprietary technology to power their own vehicles.
Yamaha and over a dozen other manufacturers have built electric scooters with reduced development time thanks to the Powered By Gogoro Network that helps manufacturers leapfrog their own EV development processes. The resulting electric two-wheelers use Gogoro’s batteries and thus can make use of Gogoro’s vast battery swapping network.
While Gogoro dominates its domestic electric scooter market in Taiwan, the company has also spent the last year aggressively expanding into the world’s largest two-wheeler markets. A partnership with Hero Motocorp last year saw Gogoro’s entry into the Indian market. Soon after, Gogoro announced a partnership with Yadea and DCJ to enter China. Gogoro then added Indonesia to the list thanks to a partnership with Gojek.
The company also recently unveiled the world’s first prototype solid-state swappable electric vehicle battery, which offers higher capacity, quicker charging, and safer operation.
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Author: Micah Toll
Source: Electrek
