The share price of Gogoro, a Taiwan-based company, closed up 10% on its first debut listing on Nasdaq. The issuer of the electric scooter maker went public after a merger with SPACs Poema Global Holdings which set the company's value at US$ 2.35 billion.
Gogoro shares traded under the tickers GGR and GGROW ended trading on the first day at US$14.02 and US$1.71, respectively. Meanwhile, Poema Global Holdings is at the level of US$ 12.74.
According to a report by Finite Insights, the electric vehicle company raised $335 million through the merger, including $295 million in PIPE financing. Investors involved in the SPAC merger include Goto and Temasek,.
Quoted from Al Jazeera, the company was founded in 2011, Gogoro produces EVs that have been used by more than 450,000 riders. The company has also built 10,000 battery exchange stations in Taiwan. The company said 25% of the two-wheelers sold in Taipei in December 2021 were battery-powered.
In October 2021, the EV company entered China, although investment and supply chains were separated from China as Beijing cracked down on domestic technology companies that were predominantly funded by foreign fundraising.
Gogoro is also cooperating with Gojek, which started with a battery-swap scheme in Jakarta at the end of last year. Under the agreement, Gojek riders are equipped with Gogoro scooters.
In January, Gogoro signed an agreement with Electrum, which was founded by Gojek and energy company TBS Energi Utama. Gojek and Gogoro will build infrastructure for electric vehicles, especially for two-wheeled EVs and battery solutions.
Gogoro's management in a previous press release said that it has driven 97% of electric two-wheeled vehicles in Taiwan. As of the beginning of this year, they have also produced a millionth of a smart battery and have facilitated more than 275 million battery swaps.
Gogoro has also expanded the reach of its battery program by partnering with potential competitors across Asia. Outside of Taiwan, the company has signed deals to partner with India's Gojek, India's Hero MotoCorp, Japan's Yamaha, and China's Yadea and Dachangjiang Group.
Poema Global is a shell company founded by investors to raise money through an IPO for the purpose of acquiring existing companies.
Poema Global is a subsidiary of the investment fund Princeville Capital, which focuses on European and Asian software and climate technology companies.
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