Release Details

Gogoro Drives Strong Momentum in Indonesia with New Strategic Partnerships That Establish an Open Electric Mobility and Battery Swapping Ecosystem

January 25, 2022
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Gogoro, Hon Hai (Foxconn), Indonesia Battery Corporation (IBC) and Indika Energy to Jointly Develop a Sustainable Electric Vehicle Ecosystem in Indonesia that Establishes the Foundation for an Open Industry

Gogoro Expands Partnership with Electrum, a Joint Venture between Gojek and TBS Energi Utama, to Strengthen the Development of Indonesia’s Electric Vehicle (EV) Infrastructure, Focusing Specifically on Two-wheel EVs and Battery Swapping

Taipei, Taiwan, January 25, 2022 – Gogoro® Inc. (“Gogoro” or the “Company”), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced two new strategic initiatives that drive momentum in Indonesia, the world’s third largest two-wheel vehicle market. With its new and expanded corporate and government partnerships, Gogoro is playing a key role in accelerating the growth of electric vehicles in Indonesia and is helping the country reach its climate goals and lead the transformation to electric mobility in Southeast Asia.

“Gogoro is committed to accelerating the growth and adoption of electric vehicles in Indonesia, and we are taking a proactive approach to supporting the development of an open mobility ecosystem that establishes a foundation for the EV industry,” said Horace Luke, founder, chairman, and chief executive officer of Gogoro. “Our new partnerships and memorandum of understandings (MOUs) further demonstrate Gogoro’s commitment to Indonesia and our vision for working with a variety of domestic and global industry leaders to introduce a new era of transportation in the world’s third largest two-wheel market.”

THIRD LARGEST TWO-WHEEL MARKET IN THE WORLD

Asia is responsible for half of the world’s commuter miles. With 111 million vehicles, Indonesia is the third largest two-wheel market in the world and the most significant for Southeast Asia. The Indonesian government has taken an aggressive approach to transition urban transportation from gas to electric and has made significant commitments to cut Greenhouse Gas Emissions (GHG) including a 43% reduction goal by 2030 and to zero by 2060. With lightweight 100-150cc gas scooters dominating the Indonesian market, Gogoro’s battery swapping platform and vehicle technologies were developed to provide a better overall experience to comparable 100-150cc gas scooters. Gogoro’s platform also removed many of the traditional challenges of developing 100-150cc equivalent electric vehicles. 

GOGORO, HON HAI (FOXCONN), INDONESIA BATTERY CORPORATION (IBC) AND INDIKA ENERGY PARTNER TO DEVELOP ELECTRIC VEHICLE ECOSYSTEM

On January 21st, Gogoro, Hon Hai (Foxconn), Indonesia Battery Corporation (IBC) and Indika Energy announced a joint partnership to establish an open and comprehensive electric vehicle (EV) ecosystem in Indonesia that initially includes the four founding members but is expected to include additional mobility companies in the future. The joint partnership will start with electric battery manufacturing (including battery cell, battery module, and battery pack) and expands into the development of the 4-wheel EV, 2-wheel EV and electric bus (E-Bus) industry. The scope of cooperation also includes the development of EV-supporting industries, covering energy storage systems (ESS), battery exchange/swap stations, battery recycling, and research and development (R&D) electric battery and EV.

GOGORO AND ELECTRUM STRENGTHEN PARTNERSHIP TO FOCUS ON THE DEVELOPMENT OF THE TWO-WHEEL ELECTRIC VEHICLE ECOSYSTEM IN INDONESIA

Gogoro and Electrum are partnering across technology and energy segments (upstream and downstream) in support of the Indonesian government’s ambitions to turn Indonesia into a global leader in sustainability through the development of a robust and integrated EV industry. The collaboration further strengthens the existing cooperation between Gojek and Gogoro, through which both parties are working together on an ongoing pilot for EVs and battery swapping stations in South Jakarta.

GOGORO AND GOJEK TWO-WHEEL PILOT IN JAKARTA

Launched in December 2021, the Gogoro Gojek pilot in Jakarta consists of 250 Gogoro Smartscooters and four GoStation battery swapping stations that are located at Pertamina gas stations. Pertamina is the Indonesian state-owned oil and natural gas corporation. Together, the companies plan to scale up the pilot to 5,000 vehicles and more battery swap stations in the future. 

GOGORO INNOVATION 

Gogoro has established itself as a global innovation leader in compact electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. At the heart of Gogoro’s ecosystem is the Gogoro Network, an efficient battery swapping platform that was recognized in 2021 by Guidehouse Insights as the leading battery swapping company for lightweight urban vehicles in the world. With more than 450,000 riders and over 10,000 battery swapping GoStations at over 2,200 convenient locations, Gogoro Network is hosting 330,000 daily battery swaps with more than 250 million total battery swaps to date. Gogoro Network is a new generation of swappable battery refueling that is smart, scalable, and continually optimizing itself to be dynamic and versatile for people, communities, and businesses.

ABOUT GOGORO

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Gogoro’s battery swapping and vehicle platforms offer a smart, proven and sustainable long-term ecosystem for delivering a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro.

Gogoro Media Contacts:

Jason Gordon, Gogoro 

+1 206-778-7245

jason.gordon@gogoro.com

Tony Ho Loke, Weber Shandwick

+1 917-544-0168

tloke@webershadwick.com

Asia Pacific Media Contact:

Brad Burgess, ICR, LLC.

+1 646-328-0687

gogoroPR@icrinc.com

This communication contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (“Exchange Act”) that are based on beliefs and assumptions and on information currently available to Gogoro Inc. (“Gogoro”). In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including projections of market opportunity and market share, the ability of Gogoro’s business model to be successful in the future, future products, the capability of Gogoro’s technology, Gogoro’s business plans including its production plans and plans to expand globally, statements relating to Gogoro, Hon Hai, Indonesia Battery Corporation and Indika Energy to develop an Electric Vehicle Ecosystem in Indonesia and the potential of such an ecosystem, Gogoro, the potential benefits of Gogoro’s partnerships, Gogoro’s ability to be successful in Indonesia, Gogoro and Gojek’s plans to scale its pilot in Jakarta are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Although Gogoro believes that it has a reasonable basis for each forward-looking statement contained in this communication, Gogoro cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the proxy statement/prospectus on Form F-4 which has been  filed by Gogoro with the U.S. Securities and Exchange Commission (“SEC”) and other documents filed by Gogoro from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Gogoro cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks Gogoro does not presently know and believes are immaterial that could also cause actual results to differ from those contained in the forward looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by Gogoro, their respective directors, officers or employees or any other person that Gogoro will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of Gogoro as of the date of this communication. Subsequent events and developments may cause those views to change. However, while Gogoro may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of Gogoro as of any date subsequent to the date of this communication.

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