Castrol Invests $50M in Gogoro to Advance Battery Swapping Technology
Portfolio Pulse from Benzinga Newsdesk
Castrol, part of the bp group, is investing $50 million in Gogoro Inc. (NASDAQ:GGR) to advance battery swapping technology for electric two-wheelers. The investment will be made in two tranches, with the first $25 million acquiring 5.72% of Gogoro's shares and the second $25 million in a convertible note. This strategic move aligns with Castrol's new diversification strategy.
June 25, 2024 | 10:02 am
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Castrol's $50 million investment in Gogoro will significantly boost Gogoro's battery swapping technology and expand its market presence. The first $25 million tranche will acquire 5.72% of Gogoro's shares, indicating strong confidence in Gogoro's business model and growth potential.
The investment from Castrol not only provides significant capital to Gogoro but also validates its business model and growth potential. The acquisition of 5.72% of shares in the first tranche shows strong confidence and is likely to positively impact Gogoro's stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100