Hero MotoCorp and investment firm Engine No. 1, along with another investor, are planning to invest in electric vehicle battery swapping ecosystems provider Gogoro Inc and Poema Global Holdings, a special purpose acquisition company. With this, the oversubscribed PIPE (private investment in public equity) of Gogoro Inc and Poema Global Holdings has increased from $257 million to $285 million.
Hero MotoCorp is already partnering with Gogoro to bring modern electric vehicles and its battery-swapping network to India and other global markets. Gogoro is transforming urban mobility in the world's most densely populated cities by changing how people use and share portable energy. Hero MotoCorp is a key OEM (original equipment manufacturer) and expansion partner, and Engine No. 1 will provide strategic guidance on how environmental impact can drive economic value.
Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters.
