According to the latest news, Gogoro is the latest EV company to go public by merging with a special purpose acquisition company. Today, the Taiwanese e-scooter and battery-swapping tech startup announced that it will combine with a SPAC called Poema Global Holdings which is already listed on the Nasdaq stock exchange. Gogoro will get around $550 million with this deal. The deal is expected to close in the first quarter of 2022. The startup has been valued at more than $2.3 billion.
For a company which was rapidly expanding this year, this is a big leap forward. Back in April, Gogoro announced a partnership with the largest two-wheeler manufacturer in the world to bring its electric scooter and battery tech to India. It was Gogoro’s biggest push outside Taiwan until May when it announced an expansion into China through partnerships with two established local players.
Similarly, in June, the company announced a partnership with Taiwanese manufacturing giant Foxconn to “accelerate Gogoro’s global expansion” even more. Foxconn will contribute an undisclosed amount to the so-called “Private Investment in Public Equity” (PIPE) portion of the SPAC merger. The PIPE will contribute more than $250 million, while $345 million will come from the Poema Global Holdings SPAC.
Gogoro is also working with EV startup Fisker Inc. and has a deal with China’s largest private automaker, Geely. It will develop its own EV platform for other automakers to use. The company was founded in 2011 by a pair of former HTC executives. The company came out of a stealth mode at the 2015 Consumer Electronics Show.
The company has offered its two wheelers for a number of different scooters sharing programs around the world. Last year, it also released a “sports car” e-bike to promote an all in one motor designed by the company.