Castrol has announced a recent agreement with Gogoro Inc., through which it will make an investment of up to 50 million dollars (46.2 million euros) in the latter. In the first tranche of the investment, Castrol Holdings, a subsidiary of Castrol, will invest 25 million dollars (23.1 million euros) in Gogoro ordinary shares.
This first investment is expected to be followed by another, for the same amount, in the form of a convertible bond, subject to the completion of certain transactions as to the parties and in relation to their business collaboration.
Castrol’s investment in Gogoro Inc. will be made in tranches
The first tranche of investment will see Castrol acquire approximately 5.72% of the outstanding ordinary shares of Gogoro. It will be Castrol’s first step towards accessing new diversification opportunities beyond its core lubricants and fluids business under its new strategy. “Moving forward, improving, evolving.”
Michelle JouCEO of Castrol, said in relation to this business transaction: “Two-wheelers are a crucial part of our global product portfolio and the Castrol brand plays an important role in the ecosystem as our customers transition to electric vehicles.”
Concludes: “Gogoro is a global leader in battery replacement for two-wheelers and our investment in Gogoro is a strategic step to diversify our portfolio, stay relevant in the lives of our customers, leverage new opportunities to future-proof our iconic 125-year-old brand and create additional value for our shareholders.”
Gogoro’s vision envisions an acceleration of the shift to sustainable urban two-wheeled transportation in the world’s most populous cities. At the heart of the Gogoro ecosystem is an open, interoperable battery replacement platform for light urban two- and three-wheeled vehicles.
Horace Lukefounder and CEO of Gogoro, said: “Gogoro’s certified battery replacement platform and smart electric two-wheelers have proven that cities can be transformed when they have access to a portable, smart, sustainable and convenient power source. This investment from Castrol is a testament to this success and allows us to expand even faster.”
Let us remember that Gogoro was currently officially presenting the new Pulse, “the world’s first hyperelectric scooter”, equipped with an H1 electric motor capable of turning at 11,000 rpmoffering us a final power of 9 kW and up to 378 Nm of maximum torque to the rear wheel. With all this it manages to accelerate from 0 to 50 km/h in 3.05 seconds. All this after unveiling its new range at the last Seoul Mobility Show.
