Taiwan’s Gogoro, India’s Belrise to Make $2.5 Billion Battery Swapping Investment in India
- January 18, 2023
- Posted by: Quatro Strategies
- Category: Infrastructure
Taiwanese two-wheeler battery swapping company Gogoro and Indian automotive system manufacturer Belrise Industria have signed a deal with India’s Maharashtra state on Tuesday to invest $2.5 billion over eight years to build battery-swapping infrastructure across the state. The partners said the memorandum of understanding is aiming to establish batteries as a leading source for mobility and energy storage in Maharashtra, India’s wealthiest state with 120 million residents which is looking to reduce its use of fossil fuels.
The companies are expected to start deploying the infrastructure this year and hope that it will encourage energy vehicle use as well as help to reduce energy costs for farmers.
“Maharashtra state is looking for a platform in which converting to green has many different devices, mobility device, storage device, smart city devices; what we’re working on is more like a platform enabling this to happen,” Gogoro CEO Luke said, describing the deal as “huge” for the Taiwanese firm.
Maharashtra’s deputy chief minister Fadnavis said the state was hoping to set an example for other states to transition to smarter, more sustainable cities.
Gogoro is known for its battery swap distribution network in Taiwan and makes its own vehicles as well as batteries. The company has been looking to expand to overseas markets.
India’s Belrise Industries, previously known as Badve Engineering, produces about one third of all two-wheel and three-wheel chassis made in the country.
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