Electric Scooter: Gogoro Goes Public!
Renowned electric two-wheeler manufacturer Gogoro has just been listed on the stock exchange following a merger with a certain acquisition company (“SPAC”).
Founded in 2011, Gogoro is a Taiwanese company specializing in the development of electric scooters and battery replacement technologies. In 2015, she introduced her first electric scooter at the Consumer Electronics Show. Over the next 6 years, the company managed to establish an extensive network of battery replacement stations in Taiwan.
On September 16, 2021, the Taiwanese startup announced a merger with SPAC under the name Poema Global Holdings. The deal with this company, which is listed on the Nasdaq, is expected to close in the first quarter of 2022. It is expected to bring in over $ 550 million to Gogoro, giving the company a valuation of over $ 2,3 billion.
Constantly expanding startup
This is a decisive step for Gogoro. In April 2021, the company announced a partnership with Hero Motocorp, the world's largest manufacturer of two-wheeled vehicles, to import its electric scooters and battery replacement systems to India.
A month later, in May 2021, Gogoro entered into two more partnerships with large companies based in China. Finally, last June, Gogoro confirmed a partnership with Foxconn. This large Taiwanese electronics manufacturing group has recently embarked on the development of electric vehicles.
Foxconn's contribution (the size of which remains unknown) will focus on "private equity investments" as part of the PSPC merger. Basically, this is a fundraising that will occur simultaneously with the transaction. This PIPE (Private Equity Investment) will bring in over $ 250 million and $ 345 million will come directly from Poema Global Holdings.
