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Gogoro Inc., a leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, has announced plans to list on the Nasdaq via a merger with Poema Global Holdings Corp., a publicly traded special purpose acquisition company (SPAC). The combined company will focus on accelerating the global expansion of Gogoro’s 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 agreement sets Gogoro’s enterprise value at $2.35 billion. The transaction closing is targeted for the first quarter of 2022.

As part of its growth strategy, the Taiwan-based 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.

It 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

Horace Luke, Founder, Chairman, and CEO of Gogoro, says: “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.”

He adds: “Much of today’s world commutes on two wheels, and cities are embracing sustainable energy and smart city technologies in unprecedented ways. One of the greatest challenges is transitioning from legacy personal transportation systems to more intelligent and sustainable mobility solutions. With our vision, innovative technology, expanding global footprint and experienced management team, Gogoro is well positioned to transform the urban mobility landscape and capitalize on the electric transition of more than a half billion two-wheel vehicles.”

Homer Sun, chief executive officer of Poema Global, comments: “We believe the technology differentiation Gogoro has developed in combination with the world-class partnerships it has forged will drive significant growth opportunities in the two largest two-wheeler markets in the world. 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.”  

Ggr Poema Gos Merger

In less than five years, Gogoro has accumulated over $1 billion in revenue and 400,000+ battery swap subscribers.

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