Terpel and Gogoro Launch Two-wheel Battery Swapping and Smartscooters in Colombia

Rhea-AI Summary

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.

Positive

• Launch of battery swapping and Smartscooters in Bogota, expanding to 14 locations by year-end.
• Partnership between Terpel and Gogoro aims at sustainable two-wheel transportation in Colombia.
• Gogoro's Swap & Go technology has a proven track record with 590 million battery swaps globally.
• Motored, a leading two-wheel distributor, will market Gogoro Smartscooters in Colombia.
• Gogoro has over 90% market share in electric two-wheelers in Taiwan.
• Gogoro's battery swapping platform is recognized as the leading platform for lightweight urban vehicles.
• Gogoro's initiatives have saved over 870,750 tons of CO2 since 2015.

Negative

• Initial launch to four GoStations in Bogota, with expansion plans still pending.
• Market acceptance of Gogoro Smartscooters in Colombia remains unproven.
• Possible logistical challenges in deploying 14 additional GoStations by the end of 2024.
• Expansion to other Colombian cities like Medellín has no confirmed timeline.

Insights

Market Research Analyst

Gogoro's introduction of its battery-swapping technology and Smartscooters in Colombia signifies a robust pivot towards sustainable urban mobility. This move aligns with the global trend towards greener transportation options, especially in densely populated urban areas where pollution from traditional vehicles is a significant concern. For investors, this expansion into a new market provides insight into Gogoro's strategic growth and the partnership's potential to capture a share of the nascent electric vehicle (EV) market in Latin America.

Key points to consider include the scalability of Gogoro's technology and the readiness of the Colombian market to adopt such innovations. The success in Taiwan, with over 90% market share in electric two-wheelers and a substantial network of battery swapping stations, offers a strong precedent. However, investors should closely monitor the adoption rate in Colombia, which may differ due to local economic conditions, consumer preferences and infrastructure readiness.

In the short term, the impact might be limited to urban areas like Bogotá and Medellín, but successful deployment could trigger faster expansion across the region. In the long term, capturing even a modest share of the Latin American market could lead to significant revenue growth and solidify Gogoro's position as a leader in EV technology.

Environmental Analyst

From an environmental perspective, the introduction of Gogoro's battery-swapping technology in Colombia is a commendable stride towards reducing urban pollution and meeting decarbonization goals. The estimated reduction of over 870,750 tons of CO2 in Taiwan since 2015 showcases the potential environmental benefits of this technology when widely adopted.

However, the actual environmental impact in Colombia will depend on several factors, including the source of electricity used to charge the batteries and the efficiency of the swapping process. Efforts to ensure that the electricity comes from renewable sources will be critical in maximizing the environmental benefits. Moreover, the convenience and speed of battery swapping could address range anxiety and charging time concerns, making electric two-wheelers more attractive to urban commuters.

Investors should also consider the regulatory environment and whether the Colombian government will introduce incentives or support measures to promote EV adoption. Positive regulatory support could accelerate adoption rates and enhance the environmental benefits of this initiative.

Financial Analyst

Financially, the partnership between Terpel and Gogoro in Colombia presents several interesting opportunities. For Gogoro, entering a new market presents potential revenue diversification and growth. The successful partnership with a well-established local player like Terpel reduces the risks associated with market entry and infrastructure development. Investors should note the initial investment in setting up GoStations and marketing efforts but consider the long-term payoff if the adoption rates meet expectations.

Terpel's involvement provides Gogoro with a robust distribution network and local market expertise, which could streamline operations and enhance market penetration. For Terpel, this partnership allows diversification of services and alignment with sustainability trends, potentially attracting a new customer base concerned with environmental impact.

In the short term, costs associated with the deployment and marketing of the new technology might impact profitability. However, if adoption rates are high and the technology proves popular, the long-term financial benefits could be substantial. Investors should keep an eye on quarterly updates regarding the rollout progress and initial adoption metrics to gauge the financial success of this venture.

Launching today in Bogota with four GoStations, Terpel plans to expand to 14 GoStations by the end of the year and then to other Colombian cities.

BOGOTA, Colombia, May 31, 2024 /PRNewswire/ -- Terpel, a leading Colombian fuel and lubes company, and Gogoro^®️ Inc (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today launched Gogoro's battery swapping in Bogota Colombia through the Terpel Voltex brand. The companies also introduced the Gogoro 2 Plus and Gogoro VIVA Mix Smartscooters.

"Gogoro and Terpel share a common vision for accelerating the shift to two-wheel sustainable transportation in Colombia and across Latin America. Gogoro Swap & Go battery swapping addresses many of the challenges that traditional plug-in charging presents," said Horace Luke, founder and CEO of Gogoro. "With 590 million battery swaps to date and more than 400,000 battery swaps per day, Gogoro Battery Swapping has demonstrated that it is safe, reliable and the ideal choice for two-wheel urban transportation in cities like Bogota."

"In line with our commitment to supporting Colombia, we continue to expand our portfolio with alternatives that contribute to Colombia's decarbonization goals and encourage the deployment of electromobility solutions. Gogoro battery swapping strengthens and complements our comprehensive portfolio of services by offering users the convenience of swapping batteries in just seconds. We hope that, by facilitating this experience, more people and industries will join this new mobility scheme," said Oscar Bravo, president of Terpel.

The Gogoro battery swapping stations are initially located at four Terpel service stations in Bogota with plans to expand to fourteen total locations by the end of 2024 with additional plans to expand to other cities such as Medellín.

The Gogoro Smartscooters will be marketed by Motored, a leading two-wheel distributor in Colombia with 10 years of experience in the national motorcycle market.

GOGORO BATTERY SWAPPING
At the heart of Gogoro's ecosystem is an open and interoperable battery swapping platform that is recognized by Guidehouse Insights as the leading battery swapping platform for lightweight urban vehicles in the world. Gogoro battery swapping is a new generation of swappable battery refueling that is smart, safe, and continually optimizing itself to be dynamic and versatile for riders, businesses, and communities.

In Taiwan, the Gogoro Network supports more than 600,000 riders and has more than 1.4 million smart batteries in circulation through its network of 12,500 battery swapping stations at over 2,500 locations. Currently Gogoro has over 90% market share in electric two wheelers in Taiwan and the number of GoStations outnumber petrol stations. With more than 400,000 daily battery swaps and more than 570 million total battery swaps to date, Gogoro battery swapping has saved more than 870,750 tons of CO2 since it launched in 2015.

ABOUT TERPEL
Terpel is a company of Colombian origin, tradition and spirit that for more than 55 years has been committed to the country, promoting its development, growing hand in hand with its affiliates and working under a strict policy of ethics and corporate governance. Its purpose is to promote and mobilize people, companies and the country with the best energy.

It is a leader in the distribution and marketing of liquid fuels, CNG and lubricants in Colombia. In 2019, it launched its electric mobility strategy with which it seeks to contribute to the energy transition, by offering different charging alternatives to users to facilitate the migration to electric vehicles. It has a significant presence in Ecuador, Panama, the Dominican Republic and Peru.

In Latin America its network is made up of more than 2,300 service stations. It has 31 supply plants in its country of origin. In the Aviation business, the company leads the market operating in 21 airports in Colombia; It also has a presence in 5 airports in the Dominican Republic, 5 in Panama and handles the operation of the main airport in Peru. Terpel is the authorized distributor of the Mobil brand of lubricants in Colombia, Ecuador and Peru.

Terpel has been recognized as one of the most sustainable companies in the world and listed in the DowJones Sustainability Yearbook, the most important publication on these matters.

Terpel is an ally of the country because it promotes the comprehensive development of people, trains its workers, contributes to the well-being of its neighbors and contributes to the future of Colombia with the quality educational programs led by its Foundation, for more than 20 years and which have benefited nearly two million people. Through excellence and warmth in service, a modern and renovated infrastructure and competitive prices, Terpel seeks to be the number one brand in the hearts of consumers.

www.terpel.com

Facebook @terpel

Twitter @terpelcol

LinkedIn @OrganizacionTerpel

ABOUT GOGORO
Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized by Fast Company as "Asia-Pacific's Most Innovative Company of 2024"; Frost & Sullivan as the "2023 Global Company of the Year for battery swapping for electric two-wheel vehicles"; and, MIT Technology Review as one of "15 Climate Tech Companies to Watch" in 2023, Gogoro's battery swapping and vehicle platforms offer a smart, proven, and sustainable long-term ecosystem for delivering a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery charging and availability. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro.

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SOURCE Gogoro Inc

FAQ

What is the focus of the Terpel and Gogoro launch in Colombia?

The focus is on introducing two-wheel battery swapping and Smartscooters in Bogota with plans to expand to 14 GoStations and into other Colombian cities.

When did Terpel and Gogoro launch their initiative in Bogota?

The initiative was launched on May 31, 2024.

What are the names of the Smartscooters introduced by Gogoro?

Gogoro introduced the Gogoro 2 Plus and Gogoro VIVA Mix Smartscooters.

How many battery swaps has Gogoro facilitated globally?

Gogoro has facilitated 590 million battery swaps globally.

How many GoStations are currently operational in Bogota?

There are currently four GoStations operational in Bogota.

What are Terpel and Gogoro's plans for the end of 2024?

They plan to expand the number of GoStations in Bogota to 14 by the end of 2024.

Who will market Gogoro Smartscooters in Colombia?

Motored, a leading two-wheel distributor in Colombia, will market the Gogoro Smartscooters.

What is the environmental impact of Gogoro's battery swapping technology?

Gogoro's battery swapping technology has saved more than 870,750 tons of CO2 since its launch in 2015.

What is Gogoro's market share in Taiwan for electric two-wheelers?

Gogoro holds over 90% market share in electric two-wheelers in Taiwan.