Gogoro and Poema Global announce shareholder approval of the SPAC Merger, coming tomorrow April 4th.
- Merger to Deliver At Least $335M of Cash Proceeds to Support Gogoro’s Growth
- Gogoro Expects to Close the Business Combination on April 4, 2022
- Gogoro Shares ($GGR) and Warrants ($GGROW) are expected to Begin Trading on the Nasdaq on April 5.
Gogoro, the Taiwan based EV swappable battery and high-speed electric scooters manufacturer, has just announced a finalized date for its public entry to the Nasdaq stock exchange.
The listing will happen in the form of a SPAC merger, in which Gogoro will officially hit the Nasdaq on April 5, 2022, under the ticker symbol GGR. The company will merge with the Special-Acquisition listed company Poema Global Holdings Corp (PPGH).
“This is a proud moment for the Gogoro team, our customers, and partners, and an important landmark for sustainable urban mobility. I personally want to thank Dr. Samuel Yin for his support from day one and his shared vision for a better, more sustainable world. We expect Gogoro to continue transforming urban mobility in the world’s most densely populated cities by changing how people use and share portable energy,”
Horace Luke, Founder, Chairman and CEO of Gogoro.
Gogoro has achieved important milestones in 2021 and 2022, and we’ve covered the company throughout the year with strategic partnerships and local leaders established to expand in China, India, and Indonesia. These three countries represent the world’s top three 2-wheel markets, with a combined potential market of over 500 million vehicles.
Earlier this year, Gogoro manufactured its one-millionth smart battery, and has managed more than 275 million battery swaps to date, becoming the battery swapping standard for 2-wheels in Taiwan, with 97% of all electric 2-wheelers. In addition, the company just recently announced its first swappable Solid-State battery prototype, with estimated 140% capacity.
Significant partnerships have been established, such as with Hero MotoCorp and separately with KYMCO, FELO, and SUPER SOCO (through a single cooperation agreement). Gogoro also partnered with Dachangjiang Group (DCJ), China’s Top ICE Two-Wheel Vehicle Maker, and Yadea, and proceeded to solidify the company’s supply chains through a cooperation with Foxconn.
“Gogoro is committed to accelerating the growth and adoption of electric two-wheel vehicles, and we are taking a proactive approach to supporting the development of an open mobility ecosystem that establishes a foundation for electric urban refueling. We look forward to embarking on the next chapter of our journey as a publicly traded company and taking our proven technologies and offerings to the world’s largest two-wheel markets.”
Horace Luke, Founder, Chairman and CEO of Gogoro.
“Gogoro is unrivaled in its battery swapping technology and ability to enable electric mobility adoption for two-wheel vehicles in cities. With the proceeds from the business combination, we expect that Gogoro will have the resources to fully execute against its vision, and further accelerate its expansion in the world’s largest two-wheel markets,”
“We are excited to close this transaction, and I look forward to continuing to work alongside Horace and the Gogoro team to make our future of electric urban mobility a reality.”
Homer Sun, CEO of Poema Global.
Our Take:
As the electric 2-wheel space heats up even further, Gogoro has established itself as the de-facto leader in battery swapping networks, with a track record full of milestones successfully achieved.
The current specifications of Gogogro’s battery, provide a battery power of 1.7 kWh (on current size), which was recently increased in a prototype to 2.5 kWh, and would obviously be replaced in the future with newer Solid-State technology, as it continues to increase the WH per Kg in their batteries.
It’s clear that real progress is being made towards a comfort of use for battery technology, and rider service that will come to eliminate the range and charging time issues, if you still have any such issue, with electric drive.
Source: Gogoro
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