gogoro-expands-partnership-with-bikebank’s-new-dotstation-brand,-launching-smartscooters-and-battery-swapping-for-consumers-in-eight-cities-across-korea

Gogoro Expands Partnership with Bikebank’s New Dotstation Brand, Launching Smartscooters and Battery Swapping for Consumers in Eight Cities across Korea

 

Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced it was expanding its partnership with Bikebank in Korea. The companies will introduce Gogoro Smartscooters and battery swapping to Korean consumers in Q3 2023 under the Dotstation brand, expanding their battery swapping network to seven additional cities beyond Seoul. Gogoro Smartscooters and battery swapping have been operating in Seoul for food deliveries since 2019.

“It is great to be growing our partnership with Bikebank, a company that shares similar values and is committed to accelerating the shift to electric transportation in Korea. Seoul has one of the largest food delivery ecosystems in the world and was one of the first markets to embrace Gogoro battery swapping for food deliveries,” said Horace Luke, founder, and CEO of Gogoro. “Together, we are introducing Gogoro Smartscooters and battery swapping to Korean consumers while we continue to grow our B2B food delivery business where we work with market leaders to enable sustainable food delivery.”

To better support growth, Bikebank has opened two Dotstation retail stores for consumers and last mile delivery riders and expanded the battery swapping network to more than 70 battery swapping stations across Korea in the cities of Seoul, Daegu, Sejong, Changwon, Incheon, Gyeongsan, Gyeonggi, and Ulsan.

“Together with Gogoro, we are accelerating the transformation of urban mobility in Korea. We created Dotstation to lead us forward into a new era of sustainable urban transportation that provides a path for Korean consumers to embrace sustainability in a new and practical way,” said Minkyu Kim, CEO of Bikebank. “Dotstation is expanding Gogoro battery swapping services to eight Korean cities, and we anticipate launching more battery swapping locations this year with a range of vehicles including Gogoro Smartscooters for consumers.”

The companies also announced that Korea’s leading food delivery companies, Logiall, and Manna Plus, are already using Gogoro Smartscooters and the company’s battery swapping network.

Gogoro Battery Swapping

With more locations than gas stations in Taiwan’s cities, the Gogoro Network 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. The Gogoro Network supports 540,000 riders and has more than 1.1 million smart batteries in circulation through its network of 12,000 battery swapping stations at over 2,500 locations. With more than 400,000 daily battery swaps and more than 465 million total battery swaps to date, Gogoro Network battery swapping has saved more than 650,000 tons of CO2 since it launched.

gogoro-announces-update-to-unaudited-2021-revenue-and-upsizes-pipe-to-$295m-to-support-imminent-closing-of-de-spac-transaction

Gogoro Announces Update to Unaudited 2021 Revenue and Upsizes PIPE to $295M to Support Imminent Closing of De-SPAC Transaction

 

Gogoro® Inc. (“Gogoro” or the “Company”), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced an update to its unaudited 2021 revenue and an increase to its PIPE to $295M. Gogoro is in a strong position to fund its business plan and is committed to closing its SPAC transaction with Poema Global Holdings Corp. (“Poema Global”) (NASDAQ: PPGH) in early April. Gogoro is seeing excellent momentum in its business, both in its home market of Taiwan, and its expansion markets in ChinaSoutheast Asia and India.

Unaudited 2021 Revenue

Gogoro finished 2021 ahead of expectations with unaudited 2021 revenue exceeding its prior projected 2021 revenue of $326.9M by approximately 10%. The company is also tracking well against its previous 2022 revenue projection of $500.2M.

Oversubscribed PIPE

Gogoro has also experienced solid demand for its PIPE, significantly exceeding its initial target of $175M with $257M at the time of the SPAC transaction announcement in September 2021. Since then, Gogoro has received an additional $37.5M in commitments, including an additional $10M commitment being added today, taking the total PIPE to $295M. This significant, upsized cash position allows Gogoro to ensure that it can push forward aggressively with its investment and expansion plans.

SPAC Transaction Update

Based on this, Gogoro expects to close its business combination transaction in early April, regardless of redemption levels, and is excited to become a publicly traded company as it continues to execute its market expansion plans alongside its industry-leading partners. Following the completion of the business combination, Gogoro expects to be listed on the Nasdaq under the symbol “GGR.”