Gogoro Revs Up Smartscooter Expansion With $300 Million In New Funding

Gogoro Revs Up Smartscooter Expansion With $300 Million In New Funding


Get ready Gogoro fans—the firm’s innovative electric scooters could soon be coming to a city near you. The Smartscooter maker just nabbed $300 million in new funding with an impressive list of international backers. Four new high-profile partners joining their current investors include Al Gore’s Generation Investment Management, Singapore-based Temasek, Japan’s Sumitomo Corporation, and French energy giant ENGIE. A sign of growing global support in electric vehicles, this successful round of funding will go towards Gogoro’s technology development and expansion.

Launched in Taiwan in 2015, Gogoro Smartscooter quickly rose to fame and was followed by expansions in Berlin and Paris in the form of electric scooter sharing programs. The major innovation lies with how the electric vehicle is powered—instead of plugging the scooter in for charging, Smartscooter owners swap out batteries at charging stations installed throughout the city. Often described as the “Tesla of electric scooters,” the innovative Smartscooter boasts over 100 million kilometers ridden by customers, including those on their new and improved Smartscooter 2.

“One of the greatest challenges of our time is transitioning our cities to a smarter and more sustainable energy and transportation infrastructure,” said Horace Luke, co- founder and CEO of Gogoro. “Gogoro provides a new approach for cities to embrace sustainable energy through a smart connected infrastructure and battery swapping system that has demonstrated success across Taiwan and Berlin. New investments from leaders like Temasek and Generation combined with investments from visionary corporations like ENGIE and Sumitomo Corporation are a strong validation of Gogoro’s business and market success.”

“This is a great sign that this sustainable technology of swappable batteries is something feasible that investors with high profiles around the world see as a viable solution,” added Luke in a conversation with Inhabitat. “It shows electric is here to stay and that it’s inevitable that electric will be the dominant player in the future.” The $300 million raised will be used for further development of technology and product, such as the use of big data collected from battery swapping to optimize the network and save energy. Gogoro also has plans to expand beyond its current three cities although they haven’t yet revealed which megacity they have their eye on next.

Discover more at gogoro.com

Source: inhabitat

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