Gogoro has now become the latest EV company to go public. They are doing this by a merger with a special purpose acquisition company, or SPAC.
On Thursday, Taiwan-based e-scooter and battery tech startup announced that they will merge with Poema Global Holdings, a SPAC. The SPAC is listed on the Nasdaq stock exchange.
The current deal will net Gogoro around $550 million and the valuation will hit more than $2.3 billion. This merger deal is expected to close in the first quarter of 2022.
In April, the Taiwanese startup announced a partnership with the largest two-wheeler manufacturer to bring electric scooters to India. This is considered Gogoro’s biggest push outside of Taiwan to date. However, in May, the company once again announced its expansion by partnering with established local players in China.
Then, by June, the startup also announced a partnership with Foxconn, a Taiwanese manufacturing giant, pushing rapidly into electric vehicles. This has accelerated Gogoro’s global expansion.
Foxconn is now contributing an undisclosed amount for the SPAC merger to the “Private Investment in Public Equity” portion. The PIPE and the Poema Global Holdings SPAC will contribute more than $250 million and $345 million respectively.
Founded in 2011, Gogoro came into the limelight with its electric scooter at the 2015 Consumer Electronics Show. They have also spent close to six years to layout during that debut since executing on the vision.
The company is also toying with other ideas including its two-wheelers for several different scooter-sharing programs around the globe. The startup has also released a “sports car” of an e-bike in 2020 to promote an all-in-one motor design.