Taiwanese EV firm Gogoro to invest $1.5 bn over eight years in Maharashtra smart battery plant

Gogoro, a Taiwanese-based battery-swapping service provider and two-wheeler manufacturer, is investing $1.5 billion in the cities of Pune and Aurangabad over the next eight years.  

Gogoro has signed a memorandum of understanding (MoU) with the Maharashtra government to manufacture electric vehicles, smart battery packs, and battery swap stations. The company aims to establish battery-swapping infrastructure across the state starting in late 2023.

The state government will be providing financial assistance and support to the company as part of the proposed project. The ultra-mega project is also expected to create around 10,000 direct and indirect job opportunities, the company said.

“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 Chief Minister Eknath Shinde.  

Through this project, the company aims to make significant contributions to various aspects of smart city design and development, including energy storage stations and systems, smart mobility sharing, smart electric vehicles, demand response services, and distributed energy storage.  

“We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion. It is essential that we transform industries and infrastructure to successfully enter a new era of clean, connected mobility. We are excited to be partnering with the Maharashtra government in its vision to transform urban transportation and provide a better path forward for its residents and businesses,” said Horace Luke, founder, and CEO of Gogoro.  

This development coincides with the government’s push for smart battery-swapping infrastructure in the country. Last year in April, NITI Aayog also introduced a draft EV battery swapping policy. The policy aims to enhance the efficiency of electric two- and three-wheelers by strengthening the battery-swapping ecosystem.