Castrol announced an investment of up to US$50 million in Gogoro Inc., global technology provider of battery-swapping ecosystems that enable smart mobility solutions for cities.
In the first tranche of the investment, Castrol Holdings, an affiliate of Castrol, will invest US$25 million in ordinary shares of Gogoro, according to the latest press information. The investment is expected to be followed by a second US$25 million investment in the form of a convertible note, which is subject to the consummation of certain transactions by the parties in connection with their business collaboration.
The first tranche investment will result in Castrol acquiring approximately 5.72% of Gogoro’s outstanding ordinary shares and it will be Castrol’s first step to unlock diversification opportunities beyond its core lubricants and fluids business under its new ‘Onward, Upward, Forward‘ strategy, the company said.
Gogoro said its vision is to accelerate the urban shift to sustainable two-wheel transportation in the world’s most densely populated cities. At the heart of Gogoro’s ecosystem is an open and interoperable battery swapping platform for lightweight two-wheeler and three-wheeler urban vehicles.
