Gogoro Inc. Ordinary Shares - GGR STOCK NEWS

Castrol, a global leader in lubricants and part of the bp group, announced an investment of up to US$50 million in Gogoro, a leading battery-swapping technology company. The investment will be split into two tranches: an initial US$25 million in ordinary shares, giving Castrol approximately 5.72% of Gogoro's outstanding shares, and a potential US$25 million in a convertible note, contingent on successful business collaboration between the parties. This move is part of Castrol's 'Onward, Upward, Forward' strategy to diversify beyond lubricants and fluids. Gogoro aims to accelerate sustainable urban mobility with its battery-swapping platform for electric two-wheelers.

Gogoro Inc. (Nasdaq: GGR), a leader in two-wheel battery swapping, announced a $50 million investment from Gold Sino Assets to expand its smart urban mobility solutions.

Since its 2015 launch, Gogoro has achieved over 570 million battery swaps and currently facilitates more than 400,000 daily swaps.

This investment will aid Gogoro's growth in Taiwan and international markets, supporting continued innovation and customer value.

The agreement includes the issuance of 32,516,095 ordinary shares at $1.5377 per share and a warrant to purchase 10,838,698 shares at $1.6915 per share.

The deal is expected to close within days.

Gogoro (Nasdaq: GGR) held its Annual General Meeting (AGM) on May 30, 2024. Shareholders approved all resolutions proposed at the meeting. Key approvals included the re-election of Mr. Chung-Yao Yin and Mr. Hui-Ming Cheng as Class II Directors, each to serve until the 2027 AGM, subject to earlier resignation or removal.

Shareholders also approved a provision allowing the adjournment of the AGM by the chairman if additional proxies are needed to pass any resolutions. Additionally, directors and officers are authorized to take necessary actions to implement the approved resolutions.

Terpel and Gogoro have launched a two-wheel battery swapping and Smartscooter initiative in Bogota, Colombia. The launch includes four GoStations, with plans to expand to 14 by the end of 2024 and further into other Colombian cities.

This initiative aims to accelerate sustainable transportation in Colombia with Gogoro's Swap & Go battery-swapping technology, which has already facilitated 590 million battery swaps globally. The Gogoro 2 Plus and Gogoro VIVA Mix Smartscooters are part of this launch, marketed by Motored, a prominent two-wheel distributor in Colombia.

Gogoro's interoperable battery swapping platform supports over 600,000 riders in Taiwan and has saved more than 870,750 tons of CO2 since 2015. This collaboration aims to contribute to Colombia's decarbonization goals.

Gogoro Inc. released its first quarter 2024 financial results, reporting revenue of $69.7 million, down 12.1% year-over-year. While battery swapping service revenue increased slightly, sales of hardware and other revenues declined. The introduction of Gogoro Pulse and JEGO generated strong interest, with over 5,000 backlog orders. Gross margin decreased, leading to a net loss of $13.1 million. Adjusted EBITDA was $9.0 million. The company plans to continue its expansion in Taiwan and India, with a positive outlook for 2024 revenue.

Sumitomo , Sumitomo Mitsui Finance and Leasing Co., (SMFL), and Gogoro Inc. (Nasdaq: GGR) are exploring a partnership to accelerate Gogoro's global business expansion. The signing of a non-binding memorandum of understanding marks the first step in this collaboration. The partnership aims to leverage Gogoro's innovative battery-swapping ecosystems to drive sustainable mobility solutions for cities while creating new business opportunities for Sumitomo and SMFL. Gogoro's smart batteries and battery swapping technology will be utilized to expand the mobility business and second life battery use cases for the involved parties. This partnership signifies a shared vision to advance sustainable energy and transportation in densely populated cities worldwide.

Gogoro and Nebula Energy have launched a battery swapping ecosystem and introduced the Gogoro CrossOver GX250 Smartscooter in Nepal. Initially available for B2B customers in Kathmandu, the battery swapping will expand to consumers later this year. Gogoro aims to contribute to Nepal's zero-emission targets and accelerate the electric transformation of the two-wheel transportation industry in the country. The partnership with Nebula Energy will introduce Gogoro's smart battery swapping technology and the new CrossOver GX250 Smartscooter to the Nepalese market.

Gogoro has begun shipping its JEGO Smartscooter in Taiwan with over 6,500 fully paid preorders. The initial sales show the strongest demand for a Gogoro vehicle since the pandemic began, with the majority of pre-order customers being first-time EV buyers. Gogoro expects to realize the fully-paid JEGO preorder revenue in Q2 2024.

Gogoro Inc. (Nasdaq: GGR) will announce its first-quarter 2024 financial results on May 9th at 8 a.m. Eastern Time. The company, known for its battery swapping ecosystems, will discuss its financial and business outlook during an earnings webcast.