Gogoro to invest $1.5 Billion for Manufacturing and deploying Smart Battery Infrastructure In India

Gogoro to invest $1.5 Billion in Manufacturing and deploying Smart Battery Infrastructure In India.

The Indian State of Maharashtra and Taiwan-based Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities.

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The Maharashtra government had presented Gogoro with an offer letter to enter into an ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs, and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023.

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The Maharashtra government categorizes Ultra Mega Projects as significant strategic investments exceeding $500 million that usually result in government incentives to ensure successful project execution.

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Gogoro will establish its India vehicle, smart battery, and battery swapping station manufacturing in Maharashtra and deploy its industry-leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs.

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Gogoro is expected to lead the increase of foreign direct investment into the state of Maharashtra in both supply chain capabilities and smart battery infrastructure.

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With more than 120 million residents, Maharashtra is India’s largest economy and industrialized State with a gross domestic product of more than US$450 billion.

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