Castrol, a subsidiary of BP, announced a strategic investment of up to US $50 million in Gogoro, a Taiwanese leader in electric two-wheelers and battery swapping technology, marking its entry into the electric vehicle sector.
The investment underscores Castrol’s commitment to advancing mobility solutions through innovation and sustainability. Gogoro, renowned for its Gogoro Network supporting nearly 600,000 riders and over 1.3 million batteries across 12,000 swapping stations worldwide, will benefit significantly from this partnership.
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“Gogoroâs proven battery swapping platform and smart electric vehicles have transformed urban mobility,” said Horace Luke, Founder and CEO of Gogoro. “This investment by Castrol will accelerate our expansion efforts and further enhance our global footprint.”
Castrol’s investment will initially include $25 million in ordinary shares of Gogoro, giving Castrol a stake of approximately 5.72%. A second tranche of $25 million is planned through a convertible note, contingent on business collaboration milestones.
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“Gogoroâs expansion into international markets, including recent ventures in Japan and Latin America, demonstrates its growing influence in sustainable urban transportation,” noted a spokesperson from Castrol.
Founded in 2011, Gogoro has garnered attention for its innovative approach to urban mobility, focusing on smart, sustainable, and convenient electric transportation solutions.
