With Hero Motocorp, Engine No. 1, and another investor, the oversubscribed Gogoro Poema Global PIPE increases to $285 million.
The existing PIPE includes Hon Hai (Foxconn) Technology Group, GoTo Group, Generation Investment Management, Temasek, Gogoro’s founding investor, Dr. Samuel Yin of Ruentex Group, and other vehicle makers and institutional investors.
A global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, Poema Global Holdings Corp. (Nasdaq: PPGH; “Poema Global”), a publicly-traded special purpose acquisition company, today announced its strategic partner, Hero MotoCorp, Engine No. 1 and another investor will be making a PIPE investment, raising the oversubscribed PIPE from $257 million to $285 million.
Gogoro’s battery swapping ecosystem is an established leading solution for the electric refueling of lightweight urban vehicles. In less than five years, the Company has accumulated over $1 billion in revenue and 450,000+ battery swap subscribers.
The combined company will focus on accelerating the global expansion of Gogoro’s unique and proven subscription-based battery swapping service along with its electric vehicle and component sales business.
Upon the transaction closing, the combined company will be named Gogoro Inc. and will be listed on the Nasdaq under the ticker symbol “GGR” and “GGRW.”