Castrol invests $50 million in Gogoro

This marks Castrol’s first step to unlocking diversification opportunities beyond its lubricants operations.

Castrol has announced it will invest up to $50 million in Gogoro, a global leader in battery-swapping ecosystems that enable smart mobility solutions for cities.

In the first tranche of the investment, the UK-based firm will invest $25 million in ordinary shares of the tech firm, through its Castrol Holdings arm. This is expected to be followed by a second $25 million investment in the form of a convertible note.

"Gogoro is a global leader in two-wheeler battery swapping and our investment in Gogoro is a strategic step towards diversifying our portfolio, remaining relevant in our customers' lives, embracing new opportunities to future-proof our iconic 125-year-old brand and to create additional value for our shareholders," said Michelle Jou, CEO of Castrol.

The first tranche investment will result in Castrol acquiring approximately 5.72% of Gogoro's outstanding ordinary shares. This marks the firm's first step to unlock diversification opportunities.

"Gogoro's proven battery swapping platform and smart electric two-wheeler vehicles have demonstrated how cities can be transformed when given access to smart, sustainable and convenient portable power," added Horace Luke, Founder and CEO of Gogoro.

Gogoro's vision is to accelerate the urban shift to sustainable two-wheel transportation in the world's most densely populated cities.