Castrol, a leading global lubricant brand under BP, has announced a substantial investment of up to US$50 million in Gogoro, a pioneer in battery-swapping systems. Initially, Castrol will invest US$25 million to acquire a 5.72% stake in Gogoro through ordinary shares. Another US$25 million is planned as a convertible note. This move is part of Castrol’s strategy to expand beyond its traditional lubricants business into new areas.
“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,” said Michelle Jou, CEO Castrol.
Gogoro: Leading in Sustainable Energy Solutions
Gogoro is recognized not just for its electric scooters but also for pioneering battery-swapping technology, making it a key player in the energy solutions market. Based in Taiwan, Gogoro has gained international acclaim for its role in advancing electric mobility with sustainable battery solutions. With operations and partnerships worldwide, Gogoro is well-positioned to meet the rising demand for eco-friendly urban transport solutions With nearly two million electric vehicle batteries produced and hundreds of millions of successful swaps, Gogoro has reshaped urban transportation. This innovation supports convenience and sustainability in mobility.
Impact of Castrol’s Investment
Castrol’s investment is set to accelerate Gogoro’s growth and expand its global presence. By providing capital and expertise, Castrol aims to support Gogoro’s plans for expansion and innovation in electric mobility solutions.
Final Thoughts
Castrol’s investment in Gogoro marks a strategic shift towards diversification beyond its core lubricants and fluids business. By partnering with Gogoro, known for its leadership in battery-swapping technology for electric scooters and motorcycles, Castrol aims to explore new opportunities in the evolving mobility sector. While battery swapping has had varied success in larger vehicles, it has shown promise in smaller electric vehicles like scooters, where Gogoro has excelled with millions of successful swaps.
