Gogoro Inc., a global leader in e-scooter battery swapping technology and soon to be listed on Nasdaq, is now entering the virtual power plant business. Together with Taiwan Power Company, Taiwan’s state-owned utility provider, Gogoro has been developing a low-voltage, bidirectional power distribution technology that can eventually connect Gogoro’s network of batteries to grid.
Currently, Gogoro operates more than 2,100 battery swapping stations in Taiwan, and is expected to expand the network to 10,750 stations by the end of 2021, storing nearly 1.3GWh of power .
The e-scooter company is also expanding its presence globally, notably in China and India. Leading Chinese two-wheeler makers like DCJ and Yadea, for example, have started to develop vehicles built for Gogoro’s battery swapping platform. Likewise, Gogoro is also laying out its battery swapping network in India, together with Hero MotoCorp, the world’s largest two-wheeler manufacturer.
According to Gogoro, its low-voltage, bidirectional power distribution technology for vehicle-to-grid application has been verified in cooperation with Taiwan Power Company. Simultaneously, Taiwan Power Company and Gogoro have also partnered with Enel X, the world’s largest demand response service provider, and integrate Gogoro’s GoStation Network into Enel X’s virtual power plant (VPP) network. When called upon by the utility company, Enel X’s VPP network will automatically adjust its power use.
To fully realize the VPP network, Gogoro still has to overcome issues related to the energy loss during charging process. An researcher from Taiwan Power Company pointed out that a 20-30% of energy loss was experienced. In addition, Gogoro and its partners still have to identify a feasible business model for the new system.
Last month, Gogoro officially revealed its decision to be publicly listed on Nasdaq. As one of the few unicorns from Taiwan, Gogoro will be the first Taiwanese company to be listed on NASDAQ in decades. The IPO will be done via a merger with the special-purpose acquisition company (SPAC), Poema Global Holdings Corp., which is already listed on Nasdaq. As revealed by Gogoro, the process put the company at a valuation of US$2.35 billion, and will be completed by Q1, 2022. Aiming to raise US$550 million, Gogoro reveals that it will use China and India as their bases for further global expansion.