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Taiwan Electric Scooter Firm Gogoro Shares Jump 10% In Its Nasdaq Debut

Electric scooter manufacturer Gogoro is also in collaboration with Gojek, which began as a battery-swap system in Jakarta from end of last year. 

Taiwan Electric Scooter Firm Gogoro Shares Jump 10% In Its Nasdaq Debut

On the first day of trading on the Nasdaq, shares of Gogoro, a Taiwanese technology company, ended up about 10%.  The electric scooter manufacturer went public through a merger with blank-check provider Poema Global Holdings in a deal that valued the company at US$2.35 billion.

On the first trading day, the stock, which trades under the tickers GGR and GGROW, closed at US$14.02 and US$1.71, respectively. Poema Global Holdings completed thAe previous trading day at US$12.74 per share in value.

Through the merger, the electric vehicle company raised US$335 million, which includes US$295 million in PIPE financing. According to a Finite Insights analysis, GoTo and Temasek are among the companies that have invested in the SPAC merger.

Gogoro, which was founded in 2011, has created electric vehicles (EVs) that have been used by over 450,000 riders, and it has also constructed 10,000 battery-swapping stations around Taiwan. According to the company, its battery-swapping technology was used to power 25% of two-wheel cars sold in Taipei in December 2021.

The electric vehicle company entered China in October 2021, despite supply chain and investment decoupling from China as a result of Beijing’s crackdown on dominating domestic tech organizations and overseas funding.

Gogoro is also in collaboration with Gojek, which began as a battery-swap system in Jakarta from end of last year. Under the terms of the agreement, Gojek’s riders will be supplied with Gogoro scooters.

Gogoro entered into an arrangement with Electrum, a company created by Gojek and the energy company TBS Energi Utama. The agreement was signed in January. Electric vehicle infrastructure is being developed by Gojek and Gogoro, with a particular emphasis on two-wheel electric cars and battery solutions.

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