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Taiwanese electric scooter maker Gogoro raises $300 million

by September 20, 2017 General

Taiwan’s Gogoro said it raised $300 million from investors including Singapore’s Temasek and Japan’s Sumitomo Corporation, helping it further expand the market of its electric scooters with battery swapping technology in Europe.

Gogoro, which sold more than 34,000 electric scooters since its launch in 2015, also added investors – Al Gore’s Generation Investment Management and France’s Engie SA.

The fund-raising would help the company expand its business in Europe, including its recently launched scooter-sharing service that has a network of 1,600 scooters across Berlin and Paris, the company said.

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Growing restrictions and charges for diesel and gasoline vehicles are spurring the rise of electric vehicles, although analysts say big investments in charging points and power networks will be needed to serve a mass market.

(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Stephen Coates)