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“Next Big” startup Gogoro is going public on Nasdaq through SPAC
According to the news from Poema Global, a special purpose acquisition company(SPAC), Taiwanese unicorn startup Gogoro is going public on Nasdaq by merging with Poema Global, and sets Gogoro’s enterprise value at $2.35 billion.
The combined company will focus on accelerating the global expansion of Gogoro's unique and proven subscription-based battery swapping service along with its electric vehicle and component sales business. Upon the transaction closing, the combined company will be named Gogoro Inc. and will be listed on the Nasdaq under the ticker symbol "GGR."
The business combination is expected to provide approximately $550 million in proceeds to Gogoro's balance sheet including an oversubscribed PIPE over $250 million and $345 million currently held in trust by Poema Global.
The PIPE is backed by strategic partners including Hon Hai (Foxconn) Technology Group and GoTo Group, the largest technology group in Indonesia, vehicle partners, and new and existing financial investors including Generation Investment Management, Taiwan's National Development Fund, Temasek and founding investor, Dr. Samuel Yin of Ruentex Group. Current Gogoro shareholders are rolling 100% of their equity and will hold majority ownership of the combined company at closing.
Cash proceeds raised in connection with the transaction will primarily be used to fund geographic expansion and operations, continued research and development, and for general corporate purposes.
Gogoro's battery swapping ecosystem is an established leading solution for electric refueling of lightweight urban vehicles. In less than five years, the Company has accumulated over $1 billion in revenue and 400,000+ battery swap subscribers.
"Gogoro is transforming urban mobility in the world's most densely populated cities by changing how people use and share portable energy. Since launching in 2015, Gogoro battery swapping has handled more than 200 million battery swaps and saved over 300 million kilograms of CO2. Building off of this success, we have announced our expansion into China with Yadea and DCJ, and into India with Hero MotoCorp," said Horace Luke, founder and CEO of Gogoro.
"Poema Global is excited to be partnering with Gogoro, a global technology leader in urban electric mobility that has demonstrated the scalability and attractiveness of its next-generation battery swapping technology in Taiwan," said Homer Sun, CEO of Poema Global. “We are committed to working alongside Gogoro's outstanding management team to support its geographic expansion plans and its transition to a Nasdaq-listed company."
As part of its growth strategy, Gogoro will be introducing its battery swapping in China in late 2021 and is partnering with Yadea, the #1 electric two-wheel maker in the world, and Dachangjiang Group (DCJ), the #1 gas-powered two-wheel maker in China. The Company has also announced a joint venture with Hero MotoCorp, the leading two-wheel vehicle maker in India, to build its battery swapping ecosystem in India.
Gogoro's ten-year journey
Gogoro was founded a decade ago by HTC's former Chief Innovation Officer Horace Luke and Chief Technologist Matt Taylor. The company started as solely an electric vehicle company, then later developed a battery swapping refueling platform for the EV community called Gogoro Network.
Throughout the years, Gogoro has launched six models of electric two-wheelers: Gogoro 1 Series, Gogoro 2 Series, Gogoro 3 Series, VIVA, VIVA MIX, and most recently, S Performance. They are targeted at different groups who drive short distances, or for sightseeing or work purposes.
The battery swapping platform, which provides wireless charging stations accessible in locations such as shopping malls, convenience stores, and coffee shops throughout Taiwan, deployed data to tackle the most common pain points of the EV industry: high battery maintenance fees and the lack of charging solutions. Additionally, with data, the stations can offer a lower price on the swaps during non-peak hours, and the self-powered systems do not need to be managed or maintained by Gogoro employees. They can run automatically.
Gogoro also partnered with other EV manufacturers such as Yamaha, PGO, and Aeon Motor to provide charging services compatible with their car models. As of April 2021, Gogoro Network had 370,000 users and managed more than 175 million battery swaps through its 2,000 charging stations in Taiwan.
In 2019, the company launched a 24-hour public scooter sharing service called GoShare. In addition to parking areas near major stations and locations in the city, the company has also set up renting services near tourist locations in Taiwan. To rent a scooter, users have to create an account on the GoShare app with their driver's license and payment details. It takes only one year for the company to reach the 1 million user mark.
This August, the national startup brand Startup Island TAIWAN, powered by the National Development Council (NDC), has launched the NEXT BIG project, pushing further to promote Taiwan startups through cooperation. The project is committed to increasing the visibility of startups in international markets.
A roster of nine startups including Gogoro have been nominated as NEXT BIG representatives which symbolizes the potentials and strengthening of Taiwan’s innovation, also a list recognized by the Ministry of Economic Affairs, the Ministry of Science and Technology and a panel of experts.
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