October 04, 2023

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Gogoro to Invest $1.5 Billion in Indian Smart Battery Infrastructure

Gogoro to Invest $1.5 Billion in Indian Smart Battery Infrastructure

Maharashtra’s EV market is becoming more efficient

Gogoro Inc. (Nasdaq: GGR), a global technology leader in the battery replacement ecosystem enabling sustainable mobility solutions for cities, confirmed that the government of Gogoro, Maharashtra, has launched an “Ultra Mega Project” to manufacture vehicles, smart battery packs, and smart battery packs. ” announced that it had received an offer letter to complete the contract. Chief Minister Eknath Shinde announced the news at a press conference.

Maharashtra will provide financial incentives and support as part of the proposed mega-project contract worth $1.5 billion. Maharashtra and Gogoro signed an agreement in Davos in January 2023 that led to the offer letter.

The Maharashtra government classifies mega-projects as significant strategic investments above $500 million, which usually provide government incentives to ensure successful execution. Mr. Gogoro’s request for financial incentives has been approved by the Maharashtra Cabinet. Both parties are expected to finalize an agreement soon.

“As India’s leading electric vehicle state, Maharashtra demonstrates our strong commitment to sustainable transportation for all.” We are leaders in sustainable vehicle and electric fuel technology. Working with Gogoro to build a smart battery ecosystem. Based on this project, Gogoro will establish a manufacturing base for Indian vehicles, smart batteries, and battery swap stations in Maharashtra. It will deploy an industry-leading smart battery infrastructure in the state, with approximately 10,000 direct and indirect jobs, which will create significant jobs,” said CM Eknath Shinde.

“Like Prime Minister Narendra Modi, Maharashtra is committed to building a green and sustainable future for our state. It is with great pleasure that we announce to you that the Maharashtra Government has approved a mega-scale project with this company,” said Maharashtra Deputy Prime Minister Devendra Fadnabis. “ Gogoro has the goal of producing open, accessible, and fully automated electric two-wheelers. It has given Gogoro the financial and other resources it needs to start the shift. The EV revolution is sweeping the world and our country is not far behind its early adopters. With this project, we aim to leverage technology transfer and build a fertile ecosystem for local manufacturers. This will enable them to develop world-class products for the public. 

Gogoro plans to build an open and accessible smart energy infrastructure in Maharashtra. It establishes battery swapping and smart battery stations as a leading source of mobility and energy storage. The introduction is also expected to accelerate job growth across smart energy, electric vehicles, and sustainable development value chains. Gogoro is expected to lead the surge in foreign direct investment in Maharashtra, both in supply chain capabilities and smart battery infrastructure. 

“We plan to work with the Maharashtra government on launching an open battery exchange network to support multiple automakers in Taiwan, building on Gogoro’s success with the Taiwan government. We plan to bring Gogoro vehicles, smart batteries, and swap stations to India starting with Maharashtra. To promote domestic growth and international expansion, we are focused on building a domestic supplier ecosystem,” said Horace Luke, founder, and CEO of Gogoro. “Improving the infrastructure and transforming the industry are essential for connected and clean mobility.  We are excited to partner with the Maharashtra government in its vision to transform urban transportation and provide a better path forward for its residents and businesses.”

The battery swapping infrastructure is expected to begin deploying across Maharashtra in late 2023 which will leverage Gogoro’s smart energy ecosystem including smart battery stations, swapping technologies, and network management solutions, and will provide numerous innovations to the State, contributing to the areas of energy-efficient city design and development, energy storage stations & systems, enabling mobility sharing, efficient electric vehicles, as well as distributed energy storage and demand response.

The largest economy and most industrialized state in India is Maharashtra, which has more than 120 million residents. It has a gross domestic product of more than $450 billion, which accounts for 16 percent of India’s industrial output.

A Cautionary Note

Completion and execution of the proposed investment plan for the Ultra Mega Project will depend, among others, on the execution of a mutually agreed definitive agreement. It will also depend on the completion of due diligence, necessary financing, Gogoro Board of Directors approval, and regulatory approvals. Obtain any permits required in Maharashtra or other parts of India and Taiwan. Both parties are actively working towards the completion of the contract. However, it remains to be seen if a final agreement is reached, the necessary approvals are obtained, or the proposed investment plan for the ultra-mega project is implemented. There is no guarantee of completion. Conditions set forth herein or more. 





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