In the most significant development yet on swappable battery infrastructure in India, electric vehicle (EV) firm Gogoro has pledged an investment of $1.5 billion (approx. Rs 12,300 crore) in Maharashtra. Gogoro has announced it will open battery swapping stations in the state starting late-2023. The investment, which will be spread out over eight years, will be directed towards setting up a manufacturing facility for EVs, battery packs and battery swap stations. Gogoro has entered into an ‘Ultra Mega Project’ agreement with the Maharashtra government. Company founder and CEO Horace Luke received an offer letter at a state press conference from Maharashtra Chief Minister Eknath Shinde. Being classified as an ‘Ultra Mega Project’, Gogoro’s operations will make it eligible for a variety of state incentives.
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Speaking at the announcement, CM Shinde said, “As the leading state in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all. As part of the project, Gogoro will establish its India vehicle, smart battery and battery swapping station manufacturing in Maharashtra and deploy their industry leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs”.
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Gogoro kicked off its battery swapping pilot project in Delhi-NCR earlier in 2023.
Gogoro's battery swapping system -- which the company claims enables a swap in as little as six seconds -- will enable zero downtime for gig workers, effectively maximising work hours and profitability. It is also, in the company's view, the only realistic solution to mass electrification of two-wheelers in India, as it believes rising demand for EV charging will pose 'unsolvable' issues for India's electricity grid.
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“Building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, we plan to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with the state of Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion,” said Luke after receiving the offer letter.
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Gogoro's proposed six-second swap will minimise downtimes for commercial fleets.
Gogoro already has a partner in India in the form of Hero MotoCorp, which is developing an all-new scooter based on Gogoro's tech platform. The company -- which has already partnered with several two-wheeler brands globally, including Suzuki and Yamaha in Taiwan -- expects to see more manufacturers in India come forward to adopt Gogoro's battery swap solutions once the appeal and practicality of its system is established in trying Indian conditions.
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Gogoro is eyeing the opportunities presented by India’s massive gig economy. It has already announced vital tie-ups with food delivery giant Zomato and EV start-up Zypp Electric, which offers EVs for delivery services. Gogoro is understood to be developing at least two scooter models for India which will be aimed at gig workers, and will be manufactured in Aurangabad. To this end, Gogoro has joined hands with Belrise Industries (formerly Badve Engineering), which is one of the largest automotive components manufacturers in the country.
