The Ayala Group signed a deal with Taiwan’s Gogoro to form a joint venture for the roll-out of two-wheeled electric vehicle battery swapping technology in Metro Manila.
Under the joint venture, 917Ventures, a wholly-owned subsidiary of Ayala-led Globe Telecom Inc., will own 98 million common shares, equivalent to 49 percent of Gogoro Philippines, while Ayala Corp. will hold 21 percent.
Gogoro SG, a wholly-owned subsidiary of Gogoro Inc., will own the remaining 30 percent or 60 million common shares of Gogoro PH.
The transaction is expected to close within 10 days from signing of the subscription agreements, subject to customary closing conditions, including relevant regulatory approvals,
The parties are expected infuse $8.5 million in Gogoro PH.
“Gogoro is Globe’s entry into the climate tech industry through 917Ventures Inc. The official signing of the joint venture is a big stride in our goal to provide eco-friendly transport that places at the forefront environmental stewardship and mobility for businesses and individuals. Our enduring dedication to effecting positive change in Filipino lives is further underscored by this initiative,” said Globe president and chief executive Ernest Cu.
Horace Luke, founder and chief executive of Gogoro, said they are establishing a new smart electric transportation era in the Philippines.
“Gogoro Philippines, our joint venture with Globe’s 917Ventures Inc. and the Ayala Group, continues our global mission to empower cities with intelligent, eco-friendly mobility solutions that are open and accessible. Together, we are focused on accelerating the mass market shift to smart electric mobility and battery swapping addressing the urban mobility energy demands in a safe, sustainable, and scalable way,” he said.
Gogoro Philippines chief executive Bernie Llamzon said the alliance sets the stage for an EV revolution in the country.
“Our cutting-edge swappable battery system and smart mobility solutions will provide Filipino riders with a sustainable, cost-effective, and technologically advanced means of transport while reducing carbon emissions,” Llamzon said.
Ayala Corp. president and chief executive Cezar Consing said Gogoro Philippines would be an important part of the EV ecosystem they are committed to building.
Gogoro Smartscooters are now in the streets of Manila, with Globe employees pilot-testing more than 50 vehicles under a two-month program meant to gain customer insights before the commercial launch later this year.
These electric vehicles harness the power of Gogoro’s ingenious battery-swapping platform, enabling users to effortlessly exchange their drained batteries for fully-charged ones within seconds.
The Gogoro system has found immense success in Taiwan, with its battery-swapping stations found in more locations than gas stations in Taiwan’s cities.
Its network is a new generation of swappable battery refueling that is smart, safe, and continually optimizes itself to be dynamic and versatile for riders, businesses and communities.
The Gogoro Network supports nearly 550,000 riders and has more than 1.1 million smart batteries in circulation through its network of more than 12,000 battery swapping stations at over 2,500 locations in Taiwan.
The Gogoro Network battery swapping system, with 400,000 daily battery swaps and more than 480 million total battery swaps to date, saved more than 680,000 tons of CO2 since it launched.