Gogoro secures $50m to rev up global expansion plan

Photo credit: Gogoro

Gogoro, the Nasdaq-listed electric scooter and battery-swapping company, has secured a US$50 million funding deal with Gold Sino Assets Limited.

The deal entails Gogoro issuing 32,516,095 shares to raise the amount, which comes out to roughly US$1.5377 per share. It also involves a warrant to acquire 10,838,698 Gogoro shares at a price of US$1.6915 apiece.

This investment will help Gogoro expand overseas and grow in its native Taiwan, where it was established in 2011 by Horace Luke and Matt Taylor. In January, the company outlined plans to enter Latin America by the second quarter this year.

In May, Gogoro launched its smart scooter service in Korea in partnership with Bikebank, which provides maintenance and other services for electric two-wheelers in the country.

Gogoro also began consumer sales of its e-scooters in the Philippines in December 2023, teaming up with local conglomerate Ayala Corporation and 917Ventures.

See also: Battery swapping faces uphill climb in Singapore’s EV market