Taiwan’s Gogoro, India’s Belrise to Make $2.5 Billion Battery Swapping Investment in India

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.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Chinese Shipments Ease the West’s Lead and Zinc Shortage Despite Export Taxes

China’s traditional lead and zinc trading trends were reversed in the first half of this year as imports dropped and exports surged. The world’s No.2 economy has become a net exporter of the two metals in the second quarter for the first time since 2014. Refined lead exports have clocked their highest level since 2007. Exports of both metals have been subject to export taxes, 10% for lead and 15% for zinc, which had hampered exports in the past. 

Germany Completes Uniper Nationalization

Germany decided to nationalize utility company Uniper after the government’s earlier multi-billion bailout failed to save the country’s top gas importer and Putin sent oil prices higher by announcing a partial Russian military mobilization. The German government agreed to buy the remaining stakes, which was owned by Finland’s Fortum, in Uniper to secure its operations and keep its business afloat, as a latest effort to keep electricity and gas flowing in Europe’s biggest economy. 

Germany Has Spent Almost €500 Billion to Alleviate Energy Crisis

Since Russia has launched its Ukraine invasion in late February, which pushed Europe, and Germany in particular, into an energy crisis, Berlin has spent almost half a trillion euros to secure its energy sources and ease the cost of living pressure on its citizens. The number represents a cumulative scale of bailouts and schemes the German government has laid out so far to alleviate the country’s energy crisis, since it has lost most of its gas from main supplier Russia, which has caused energy prices to skyrocket. 

Stay informed

error: This content is protected !!