India's Hero MotoCorp, the world's largest two-wheeled vehicle brand, is investing more in Ather Energy, an Indian electric two-wheeler startup with the third highest market share in India. The two EV makers are collaborating on building a charging network together.
Hero MotoCorp is injecting another round of investment of INR4.2 billion (US$56.5 million) in Ather Energy - for the fifth time since 2016, according to Economic Times and Money Control. The latest investment is expected to bring Hero's shareholding in Ather Energy from 34.8% to an even higher percentage, which will not be disclosed until the investment round closes.
Hero MotoCorp has wagered on both charging networks and battery-swapping networks. The company will work with Ather Energy to build charging infrastructure elements and to develop charging technologies, while working with Taiwan-based Gogoro for battery swapping. Hero has scheduled the launch of its first electric scooter for this March.
Gogoro just announced on January 18 that Hero MotoCorp and Engine No.1 are joining its private investment in public equity (PIPE) commitment, which has now increased to US$285 million, ahead of its special-purpose acquisition company (SPAC) listing in the US.
Hero MotoCorp's CEO Pawan Munjal said the partnership with Gogoro is part of their e-mobility plan for the future and they will bring the battery swaps to India and beyond. The company is currently developing its own electric cars in its innovation centers in Jaipur, India and Munich, Germany, according to Rush Lane, while production will take place in Chittoor, India.
In India, Bounce was the first brand to launch a battery-swappable e-scooter, while Honda has plans to produce a battery-swappable three-wheeler.
Article translated by Yusin Hu
