Taiwan e-bike maker eyes $335m in US listing tomorrow

Taiwan-based Gogoro, an electric scooter and battery station maker, said will go public on the Nasdaq on April 5 via a merger with blank-check firm Poema Global Holdings (Poema Global). The electric vehicle firm is looking to raise US$335 million through the merger.

Gogoro will receive US$295 million in PIPE financing from the merger and the rest from public markets.

Photo credit: Electrum

Gogoro’s valuation is expected to reach US$2.35 billion after the listing, which was approved by its shareholders last week. It expects the close of the merger by Monday. The company will trade under the tickers “GGR” and “GGROW” on the Nasdaq on Tuesday.

Founded in 2011, Gogoro has produced EVs that have been used by more than 450,000 riders, and it has also built 10,000 battery-swapping stations in Taiwan. The company said that 25% of two-wheel vehicles sold in Taipei in December 2021 were powered by its battery-swapping solution.

Gogoro and Gojek have a partnership that began as a battery-swap scheme in Jakarta at the end of last year. Under the partnership, Gojek’s riders are equipped with Gogoro’s scooters. In January, Gogoro signed an agreement with Electrum, which was founded by Gojek and energy firm TBS Energi Utama. Gojek and Gogoro are working to build infrastructure for electric vehicles, especially for two-wheel EVs and battery solutions.

Gogoro also has partnerships with several scooter brands such as Yamaha, Yadea in China, and Hero MotoCorp in India.

See also: Bringing electric motorbikes to Southeast Asia’s masses

The investors in the SPAC merger also included GoTo and Temasek, according to a Finite Insights report.

Gogoro has created 1 million smart batteries and carried out more than 275 million battery swaps. It currently powers 97% of all EV two-wheelers in Taiwan.

The EV battery maker’s revenue in the fiscal year 2021 is expected to be US$327 million and is forecast to grow to US$500 million by the end of the financial year 2022, said the Finite Insights report.