According to a joint announcement, Castrol, a global leader in lubricants and part of the oil giant BP, today announced an investment of up to US$50 million in Gogoro, a global technology leader in battery-swapping ecosystems.
The first tranche of the investment will see Castrol invest US$25 million to receive 5.72% of Gogoro’s outstanding ordinary shares, followed by an anticipated second US$25 million investment in the form of a convertible note.
The move marks Castrol’s first step to unlock new diversification opportunities beyond its core lubricants and fluids business under its new ‘Onward, Upward, Forward’ strategy.
Many people know Gogoro from the brand’s high-tech electric scooters, but Gogoro is perhaps better described as an energy company. In addition to its often lauded electric scooters, Gogoro’s main product is its battery…
