Taiwan's Gogoro to establish $1.5B smart battery infrastructure in Maharashtra

Taiwan-based electric mobility company Gogoro said it be investing more than $1.5 billion to establish state-wide battery charging and swapping infrastructure in Maharashtra.

The development follows the company's earlier commitment to invest $2.5 billion over eight years in Maharashtra, which also includes the manufacturing of vehicles, intelligent battery packs, and battery swap stations.

The government categorizes 'Ultra Mega Projects' as strategic investments exceeding $500 million, often accompanied by state-provided incentives for successful implementation. Gogoro's appeal for financial incentives has already gained approval from the Maharashtra state cabinet. The final agreement between the two parties is expected to be completed soon, the company's statement said.

“As the leading State in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all. We are creating a smart battery ecosystem with Gogoro, a leader in sustainable vehicles and electric fuel technologies. As part of the project, Gogoro will establish its India vehicle, smart battery and battery swapping station manufacturing in Maharashtra and deploy their industry-leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs,” said Hon. Chief Minister Shri. Eknath Shinde.

According to the company, The deployment of the battery-swapping infrastructure is scheduled to commence in late 2023 and will leverage its comprehensive smart energy ecosystem. This ecosystem encompasses smart battery stations, advanced swapping technologies, network management solutions, and a wide range of innovative offerings.

“In line with the vision set by our Hon Prime Minister Shri. Narendra Modi, Maharashtra is fully committed to help build a green and sustainable future for our state. I am delighted to announce that today we approved an ultra mega project with Gogoro, a Nasdaq listed, global two-wheel EV company," said Devendra Fadnavis, The Deputy Chief Minister of Maharashtra.

"Gogoro aims to produce two-wheel EV’s that utilize its open and accessible battery swap technology which is absolutely state of the art. We have provided Gogoro with the necessary financial and other key incentives to usher in a new paradigm shift in the way we will move people across metros and cities. The EV revolution is gripping the world and our state is not far behind in its early adoption. With this project we anticipate creating a fertile ecosystem for local manufacturers who will avail the necessary tech transfer and help create world class products for our citizens," he added.

“Building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, we plan to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with the state of Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion,” said Horace Luke, founder and CEO of Gogoro.

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