Castrol Announces USD 50 Million Investment in Gogoro

Castrol, a part of the bp group, has invested up to USD 50 million in Gogoro Inc., a global technology leader in battery-swapping ecosystems that enable smart mobility solutions for cities.

In the first tranche of the investment, Castrol Holdings, an affiliate of Castrol, will invest USD 25 million in ordinary shares of Gogoro. This investment is expected to be followed by a second USD 25 million investment in the form of a convertible note, which is subject to the consummation of certain transactions by the parties in connection with their business collaboration.

The first tranche investment will result in Castrol acquiring approximately 5.72 percent of Gogoro's outstanding ordinary shares and it will be Castrol's first step to unlock diversification opportunities beyond its core lubricants and fluids business under its new 'Onward, Upward, Forward' strategy.
"Two-wheelers are a critical part of our global product portfolio and as our customers transition to electric two-wheelers the Castrol brand has an important role to play in the eco-system," said Michelle Jou, CEO Castrol.

"Gogoro is a global leader in two-wheeler battery swapping and our investment in Gogoro is a strategic step towards diversifying our portfolio, remaining relevant in our customers' lives, embracing new opportunities to future-proof our iconic 125-year-old brand, and creating additional value for our shareholders," Jou added.

Gogoro's vision is to accelerate the urban shift to sustainable two-wheeler transportation in the world's most densely populated cities. At the heart of Gogoro's ecosystem is an open and interoperable battery-swapping platform for lightweight two-wheeler and three-wheeler urban vehicles.

"Gogoro's proven battery swapping platform and smart electric two-wheeler vehicles have demonstrated how cities can be transformed when given access to smart, sustainable and convenient portable power. This investment by Castrol is a testament to this success and enables us to expand even faster," said Horace Luke, Founder and CEO of Gogoro.