Leading global lubricant brand Castrol has announced an investment of up to $50 million in Taiwan-based Gogoro Inc., a pioneer in battery-swapping technology for two-wheelers.
The investment will be executed in two tranches. The first phase involves Castrol Holdings, an affiliate of Castrol, investing $25 million in ordinary shares of Gogoro. This initial investment grants Castrol approximately 5.72% of Gogoro’s outstanding ordinary shares. The second phase, contingent upon the completion of specific business collaborations, will see Castrol investing an additional $25 million through a convertible note.
This partnership aligns with Castrol’s new ‘Onward, Upward, Forward’ strategy, which aims to explore opportunities beyond its traditional lubricants and fluids business. Michelle Jou, CEO of Castrol, highlighted the importance of electric two-wheelers in the company’s global product portfolio and emphasized the strategic significance of the investment in Gogoro. She noted that this collaboration would help Castrol remain relevant to its customers, future-proof its iconic brand, and create additional value for shareholders.
Gogoro is focused on accelerating the shift to sustainable two-wheel transportation in densely populated urban areas. At the core of the company’s ecosystem is its open and interoperable battery-swapping platform, designed for lightweight two-wheelers and three-wheelers. Horace Luke, Founder and CEO of Gogoro, expressed his enthusiasm for the partnership, citing it as a testament to Gogoro’s success in transforming urban mobility through smart, sustainable, and convenient portable power solutions.
In Taiwan, the Gogoro Network supports over 600,000 vehicles with more than 1.3 million smart batteries circulating through 12,500 battery-swapping stations. This network facilitates 450,000 daily battery swaps and has recorded more than 590 million total swaps to date. Globally, the Gogoro Network operates in 45 cities, serving 2.8 million subscribers.
Long time technology industry fan here in Taiwan.
