June 23, 2024


Unlimited Technology

Taiwanese Startup Gogoro in Merger Talks With Poema SPAC

(Bloomberg) — Gogoro, a Taiwanese startup that specializes in battery-swapping technology, is in talks to go public through a merger with Poema Global Holdings Corp., a blank-check firm, according to people with knowledge of the matter.

The deal is set to value the combined company at $1 billion or more, the people said, asking not to be identified as the information is private. An announcement could come as soon as this week, they said. Terms may change and, as with any deal that isn’t finalized, it’s possible that talks could fall through.

Representatives for Gogoro and Poema did not immediately respond to calls or emails seeking comment.

Taipei-based Gogoro has touted its ability to reduce energy consumption with its products that power electric scooters and other two-wheeled vehicles. Last month, it said that together with its customers, it had saved 300 million kilograms (661 million pounds) of carbon dioxide, the equivalent of what more than 30 million trees absorb in a year.

“Gogoro’s innovative battery-swapping technology will provide cities with a better electric refueling system that greatly reduces consumer anxiety on battery life and range as well as usage costs,” Dong Jinggui, chairman of Yadea Group Holdings Ltd., a Gogoro partner that makes e-scooters and bicycles, said in a May statement. “It will introduce a brand-new mobility experience that is safer and more convenient while reducing the carbon footprint of our customers.”

Led by Chief Executive Officer Horace Luke, Gogoro counts Singapore’s Temasek Holdings Pte, Panasonic Corp., Al Gore’s Generation Investment Management LLP, Sumitomo Corp. and France’s Engie SA among earlier backers.

Last month, Gogoro said its network of monthly subscribers eclipsed 400,000, and that it has surpassed 200 million battery swaps. The company in recent months has also struck strategic partnerships in India and China.

Poema, led by co-chairmen Joaquin Rodriguez Torres and Emmanuel DeSousa, CEO Homer Sun and President Marc Chan, raised $345 million in a January initial public offering. It has previously said it’s focused on finding a company in Asia or Europe that has “validated technologies and attractive unit economics”.

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