Gogoro to list on Nasdaq

Battery-swap firm says it has accumulated more than $1bn revenue in less than five years
Air Quality & Weather Systems / September 24, 2021
By Ben Spencer
Gogoro battery swapping public listed company Poema Global Holdings electric vehicle
Gogoro says it has handled more than 200 million battery swaps since 2015 (image credit: Gogoro Inc)

Battery-swapping company Gogoro is to become a public listed company through a merger with acquisition firm Poema Global Holdings.

The combined company will focus on accelerating the global expansion of Gogoro’s subscription-based battery-swapping service along with its electric vehicle and component sales business.

The company says it has accumulated more than $1 billion in revenue and more than 400,000 battery-swap subscribers in less than five years. 

Gogoro chairman Horace Luke says: “Since launching in 2015, Gogoro battery swapping has handled more than 200 million battery swaps and saved over 300 million kilograms of CO2.”

Luke points out that cities are embracing sustainable energy and smart city technologies in “unprecedented ways” but emphasises that one of the greatest challenges is transitioning from legacy personal transportation systems to more intelligent and sustainable mobility solutions. 

“With our vision, innovative technology, expanding global footprint and experienced management team, Gogoro is well positioned to transform the urban mobility landscape and capitalise on the electric transition of more than a half billion two-wheel vehicles,” he adds. 

Poema CEO Homer Sun says: “We believe the technology differentiation Gogoro has developed in combination with the world-class partnerships it has forged will drive significant growth opportunities in the two largest two-wheeler markets in the world."

"We are committed to working alongside Gogoro’s outstanding management team to support its geographic expansion plans and its transition to a Nasdaq-listed company.” 

Elsewhere in the business, Gogoro will introduce its battery-swapping technology in China in late 2021 and is partnering with two-wheeler makers Yadea and Dachangjiang.

In India, the company is building a battery-swapping ecosystem as part of a joint venture with Hero MotoCorp. It has also established partnerships with other global companies in the two-wheel mobility space, including Yamaha and AeonMotor. 

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