Taiwanese electric scooter brand Gogoro is bringing its eco-friendly vehicles into the Philippines after it officially signed a joint venture (JV) deal with Globe’s 917Ventures Inc and Ayala Corporation.
Gogoro PH, the JV entity, will have 917Ventures as its largest shareholder with a 49% stake. Ayala will hold a 21% stake in the joint venture while Gogoro will have 30% ownership, according to the announcement.
In addition to importing, selling, and maintaining motorcycles, the JV will provide battery-swapping stations. Ayala is involved in urban development and running commercial facilities, and believes building the associated infrastructure will enhance the new venture’s business.
For Globe, the partnership is its entry into the climate tech industry through 917Ventures Inc, its corporate venture builder that ideates, launches, accelerates, and scales startups.
“The official signing of the joint venture is a big stride in our goal to provide eco-friendly transport that places at the forefront environmental stewardship and mobility for businesses and individuals,” said Ernest Cu, Globe President and CEO.
The partnership, which was first announced in December last year, aims to reduce the use of fossil fuels by the country’s logistics industry, which is known to release significantly more emissions per vehicle per day than consumer riding.
The first GoStation was unveiled at the Globe headquarters in Taguig City in April 2023, followed by the launch of a pilot program for Globe employees.
Gogoro, which got listed in New York through a merger with a special purpose acquisition company Poema Global in April last year, is one of Taiwan’s most valuable startups and counts the National Development Fund, a government funding vehicle, and Singapore’s sovereign wealth fund Temasek among investors.
It launched its first scooter in 2015 and describes itself as a technology company offering connected technologies or two-wheel electric mobility solutions.
Prior to its Philippine plans, Gogoro has already partnered with Indonesian ride-hailing major Gojek to electrify urban transportation in Indonesia.
Horace Luke, founder and CEO of Gogoro, said the partnership aims to establish a new smart electric transportation era in the Philippines.
“Together, we are focused on accelerating the mass market shift to smart electric mobility and battery swapping addressing the urban mobility energy demands in a safe, sustainable, and scalable way,” he added.