BP invests in Gogoro through its subsidiary Castrol
Through its subsidiary Castrol, British Petroleum (BP) has recently decided to invest in the Taiwanese company Gogoro, specialized in electric scooters with interchangeable batteries. Although Gogoro is not yet established in Europe, the company is increasingly attracting international investors. Among them, BP, through Castrol, plans to invest up to 50 million US dollars in Gogoro.
Investment Structure
This funding will be divided into two phases. The first, amounting to 25 million euros, will allow Castrol to acquire about 6% of Gogoro’s shares. A second phase of investment is also planned.
Castrol’s Objectives
For Castrol, this partnership with Gogoro aims to open up diversification opportunities beyond its core activities focused on lubricants. Michelle Jou, CEO of Castrol, stated that “two-wheelers are an essential part of our global product portfolio and, as our customers transition to electric two-wheelers, the Castrol brand has an important role to play in this ecosystem.”
Gogoro’s Expansion
Gogoro is known for its battery exchange stations, which have become one of its trademarks. The company is very present in Taiwan with several thousand stations and is gradually expanding its international presence. Last May, Gogoro announced its first deployment in Colombia. Although Gogoro is still not present in the European market, the model has been adopted in France and other major capitals by ZEWAY.
