Gogoro Completes $300 Million Series C Investment Round

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The energy and urban transit focused firm Gogoro has successfully completed a $300 million Series C investment round — which saw involvement of Temasek, Generation Investment Management, Sumitomo Corporation, and ENGIE.

For those unfamiliar with those names, Temasek is an investment outfit based out of Singapore; ENGIE is a France-based energy giant; Sumitomo Corporation is a Japan-based business group that was founded all the way back in 1615 by a bookstore-owning Buddhist priest; and Generation Investment Management is a London-based investment management group founded by Al Gore and David Blood.

This group joins Gogoro’s existing investors, which include Panasonic, Samuel Yin, and others.

As far as those unfamiliar with the name Gogoro itself, its innovative battery swapping network has been deployed in concert with its Smartscooter EV product in Taiwan. Gogoro launched its Smartscooter EV and “Energy Network” in Taipei in 2015 and then across Taiwan. It also grew in Europe (Berlin and Paris) through the Coup e-scooter sharing program.

To date, there have been over 34,000 Gogoro Smartscooter EVs sold worldwide, and more than 400 GoStation battery swapping stations installed. Here are a few more facts:

• Nearly 100 million kilometers ridden by customers
• 17,000 batteries swapped per day (6 million total batteries swapped)
• 4,135,000 liters of gasoline saved plus 8 million kilograms less CO2 emitted

The CEO of Gogoro, Horace Luke, commented on the news: “One of the greatest challenges of our time is transitioning our cities to a smarter and more sustainable energy and transportation infrastructure. Gogoro provides a new approach for cities to embrace sustainable energy through a smart connected infrastructure and battery swapping system that has demonstrated success across Taiwan and Berlin. New investments from leaders like Temasek and Generation combined with investments from visionary corporations like ENGIE and Sumitomo Corporation are a strong validation of Gogoro’s business and market success.”