With more than 400,000 daily battery swaps and
more than 570 million total battery swaps since it launched in
2015, Gogoro has been recognized as a global leader in
two-wheel battery swapping.
TAIPEI,
Taiwan, June 3, 2024 /PRNewswire/ -- Gogoro Inc.
(Nasdaq: GGR), a global technology leader in battery-swapping
ecosystems that enable sustainable mobility solutions for cities,
today announced an agreement for $50
million investment from Gold Sino Assets Limited ("Gold
Sino") to continue its leadership in urban battery swapping
ecosystems and smart mobility innovation to accelerate the shift to
sustainable urban transportation.
"With the success of its revolutionary battery swapping
ecosystem, Gogoro continues to lead the two-wheel transformation
that is shaping cities of the future to be smart, sustainable and
accessible. Gogoro is delivering on its vision," said Dr.
Samuel Yin of Gold Sino and the
chairman of Ruentex Group. "As Gogoro continues growing its
lead in Taiwan and in its
expansion markets, it is important that it continues to have the
resources and flexibility to operate efficiently and continue to
deliver cutting-edge innovation, unparalleled customer experience
and great value to customers."
TRANSACTION DETAILS
The share and warrant purchase agreement with Gold Sino,
Gogoro's largest shareholder, pursuant to which it will issue to
Gold Sino (i) 32,516,095 ordinary shares of Gogoro, par value
US$0.0001 per share, for an aggregate
purchase price of US$50,000,000,
reflecting a per share purchase price of approximately US$1.5377 and (ii) a warrant to purchase
10,838,698 ordinary shares of Gogoro with an exercise price of
US$1.6915 per share (subject to
certain adjustments as set forth therein). The closing of the
transactions is expected to occur within the next few days. The
funding will be used to continue Gogoro's growth and development in
Taiwan and international expansion
markets.
"Our partnership with Dr. Yin, Gold Sino and Ruentex Group goes
back to Gogoro's founding. Dr. Yin has been our greatest advocate
and shares a strong vision for how smart mobility and clean energy
can create healthier and more vibrant cities," said Horace Luke, founder and CEO of Gogoro.
"This investment is a strong testament to Gogoro's business model
and vision for growing our business globally."
ABOUT GOGORO
Founded in 2011 to rethink urban energy and inspire the world to
move through cities in smarter and more sustainable ways, Gogoro
leverages the power of innovation to change the way urban energy is
distributed and consumed. Recognized by Fast Company as
"Asia-Pacific's Most Innovative
Company of 2024"; Frost & Sullivan as the "2023 Global Company
of the Year for battery swapping for electric two-wheel vehicles";
and, MIT Technology Review as one of "15 Climate Tech Companies to
Watch" in 2023, Gogoro's battery swapping and vehicle platforms
offer a smart, proven, and sustainable long-term ecosystem for
delivering a new approach to urban mobility. Gogoro has quickly
become an innovation leader in vehicle design and electric
propulsion, smart battery design, battery swapping, and advanced
cloud services that utilize artificial intelligence to manage
battery charging and availability. The challenge is massive, but
the opportunity to disrupt the status quo, establish new standards,
and achieve new levels of sustainable transportation growth in
densely populated cities is even greater. For more information,
visit www.gogoro.com/news and follow Gogoro on Twitter:
@wearegogoro.
Forward Looking Statements
This communication contains forward looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward looking statements generally relate to future
events or Gogoro's future financial or operating performance. In
some cases, you can identify forward looking statements because
they contain words such as "may," "will," "should," "expects,"
"plans," "anticipates," "going to," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of these words or other
similar terms or expressions that concern Gogoro's expectations,
strategy, priorities, plans or intentions. Forward-looking
statements in this communication include, but are not limited to,
the potential closing of issuance and sale of ordinary shares and
warrant to Gold Sino Assets Limited, the timing of such closing,
the potential use of the proceeds, and the growth prospects of
Gogoro. Such statements are based upon management's current
expectations and current market and operating conditions, and
relate to events that involve known or unknown risks, uncertainties
and other factors, all of which are difficult to predict and many
of which are beyond Gogoro's control, which may cause Gogoro's
actual results, performance or achievements to differ materially
from those in the forward-looking statements. The forward
looking statements contained in this communication are also subject
to other risks and uncertainties, including those more fully
described in Gogoro's filings with the Securities and Exchange
Commission ("SEC"), including in Gogoro's Form 20-F for the year
ended December 31, 2023, which was
filed on March 29, 2024 and in its
subsequent filings with the SEC, copies of which are available on
our website and on the SEC's website at www.sec.gov. All
information contained in this communication is based on information
available to Gogoro as of the date hereof, and Gogoro disclaims any
obligation to update any such information, except as required by
law.
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SOURCE Gogoro Inc