Castrol, a lubricants company and part of the bp group, announced an investment of up to $50 Million USD in Gogoro, a technology company in battery-swapping ecosystems that enable smart mobility solutions for cities.
In the first tranche of the investment, Castrol Holdings, an affiliate of Castrol, will invest $25 Million USD in ordinary shares of Gogoro. This investment is expected to be followed by a second $25 Million USD investment in the form of a convertible note, which is subject to the consummation of certain transactions by the parties in connection with their business collaboration.
The first tranche investment will result in Castrol acquiring approximately 5.72% of Gogoro's outstanding ordinary shares and it will be Castrol's first step to unlock diversification opportunities beyond its core lubricants and fluids business under its new 'Onward, Upward, Forward' strategy.
Gogoro's vision is to accelerate the urban shift to sustainable two-wheeler transportation in the world's most densely populated cities. At the heart of Gogoro's ecosystem is an open and interoperable battery swapping platform for lightweight two-wheeler and three-wheeler urban vehicles.
