LONDON and TAIPEI,
Taiwan, June 25, 2024 /PRNewswire/ -- Castrol, a
global leader in lubricants and part of the bp group, today
announced an investment of up to US$50
million in Gogoro Inc. (Nasdaq: GGR), a global
technology leader in battery-swapping ecosystems that enable smart
mobility solutions for cities.
In the first tranche of the investment, Castrol Holdings, an
affiliate of Castrol, will invest US$25
million in ordinary shares of Gogoro. This investment is
expected to be followed by a second US$25
million investment in the form of a convertible note, which
is subject to the consummation of certain transactions by the
parties in connection with their business collaboration.
The first tranche investment will result in Castrol acquiring
approximately 5.72% of Gogoro's outstanding ordinary shares and it
will be Castrol's first step to unlock diversification
opportunities beyond its core lubricants and fluids business under
its new 'Onward, Upward, Forward' strategy.
"Two-wheelers are a critical part of our global product
portfolio and as our customers transition to electric two-wheelers
the Castrol brand has an important role to play in the eco-system,"
said Michelle Jou, CEO
Castrol. "Gogoro is a global leader in two-wheeler battery
swapping and our investment in Gogoro is a strategic step towards
diversifying our portfolio, remaining relevant in our customers'
lives, embracing new opportunities to future-proof our iconic
125-year-old brand and to create additional value for our
shareholders."
Gogoro's vision is to accelerate the urban shift to sustainable
two-wheeler transportation in the world's most densely populated
cities. At the heart of Gogoro's ecosystem is an open and
interoperable battery swapping platform for lightweight two-wheeler
and three-wheeler urban vehicles.
"Gogoro's proven battery swapping platform and smart electric
two-wheeler vehicles have demonstrated how cities can be
transformed when given access to smart, sustainable and convenient
portable power. This investment by Castrol is a testament to this
success and enables us to expand even faster," said Horace Luke, Founder and CEO of Gogoro.
Notes to Editors:
About Gogoro Battery Swapping
Gogoro battery swapping is a new generation of swappable battery
refueling that is smart, safe, and continually optimizing itself to
be dynamic and versatile for riders, businesses, and communities.
In Taiwan, the Gogoro Network
supports more than 600,000 vehicles and has more than 1.3 million
smart batteries in circulation through its network of 12,500
battery swapping stations. The Gogoro Network supports 450,000
daily battery swaps with more than 590 million total battery swaps
to date. The Gogoro battery-swapping network is available in 45
cities around the world, serving 2.8 million ecosystem
subscribers.
About Castrol
Castrol, one of the world's leading lubricant brands, has a
proud heritage of innovation and fueling the dreams of pioneers.
Our passion for performance, combined with a philosophy of working
in partnership, has enabled Castrol to develop lubricants and
greases that have been at the heart of numerous technological feats
on land, air, sea and space for over 125 years. Castrol is part of
the bp group and serves customers and consumers in the automotive,
marine, industrial and energy sectors. Our branded products are
recognized globally for innovation and high performance through our
commitment to premium quality and cutting-edge technology. To find
out more about Castrol, visit www.castrol.com or contact
bppress@bp.com.
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 and awarded by 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 https://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 second tranche investment, the potential signing
and/or closing of the definitive agreements in respect of a
contemplated electric two-wheeler joint venture, the potential
issuance of the convertible note by Gogoro, the strategic
cooperation of Gogoro and Castrol Holdings, 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 Gogoro's Form
20-F for the year ended December 31,
2023, which was filed on March 29,
2024 and 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.
Castrol Media contact:
bp press office London, bppress@bp.com, +44 7919
217511
bp US press office, uspress@bp.com
Gogoro Media contact:
Jason
Gordon
+1 206 778 7245
jason.gordon@gogoro.com
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SOURCE Castrol