MANILA -Globe Group’s 917Ventures Inc., along with parent company Ayala Corp., cemented its foray into climate technology space with the signing of an $8.5-million joint venture (JV) deal with Taiwanese electric scooter brand Gogoro to bring into the country the eco-friendly vehicles.
The joint venture, Gogoro PH, will have 917Ventures as its largest shareholder with a 49-percent stake or 98 million common shares. The conglomerate will hold 42 million common shares or 21-percent ownership while the electric vehicle (EV) maker will own 60 million common shares representing 30 percent of the JV.
The transaction, which was disclosed on Friday, is expected to be finalized within 10 days from signing of the subscription agreements.
Their agreement covers the importation, sale, distribution and after-sales services of smart battery-powered Gogoro E-Scooters. Prior to this, the Globe Group announced in February the arrival of 100 two-wheel EVs and 400 smart batteries in the country, which were pilot tested for logistics and last-mile delivery in Metro Manila.
The parties also intend to deploy battery-swapping stations, allowing riders to have an immediate battery replacement, instead of charging the vehicles for hours. In April, Globe launched the first station at the Globe headquarters in Bonifacio Global City.
Gogoro PH, in a message to the Inquirer, said four additional battery swapping stations will “soon” open in Mandaluyong, Makati and Pasig.“ Aside from these, builds are already underway in central business districts around Metro Manila,” it added.
“Our swappable battery system and smart mobility solutions will provide Filipino riders with sustainable, cost-effective and advanced transport,” Gogoro PH CEO Bernie Llamzon said. INQ
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