Gogoro gets Maharashtra nod to set up $1.5 bn smart battery infra

Taiwanese electric mobility giant Gogoro will invest more than $1.5 billion to build statewide battery charging and swap infrastructure in Maharashtra.

The proposed “Ultra Mega Project” deal includes financial incentives and support from the Maharashtra government. The announcement follows Gogoro’s earlier commitment to invest $2.5 billion over eight years in Maharashtra. The proposed investment will begin later this year.

Maharashtra government classifies mega projects as major strategic investments exceeding $500 million which usually leads to government incentives to ensure successful implementation of the project.

“Jogoro’s request for financial incentives has been approved and endorsed by the Maharashtra State Council of Ministers and the two parties expect to complete the agreement soon,” Jogoro said in a statement.

“As India’s leading state for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable mobility for all. As part of the project, Gogoro will establish its Indian smart vehicle and battery manufacturing plant and battery replacement plant in Maharashtra and deploy its industry-leading smart battery infrastructure in the state, enabling It provides nearly 10,000 direct and indirect jobs,” said Maharashtra Chief Minister Eknath. Shinde.

Gogoro plans to build a smart energy infrastructure in Maharashtra that is open and accessible and establishes battery swaps and smart battery stations as a leading source of mobility and energy storage.

“We are focused on creating a local supplier ecosystem that allows for local growth and expansion into overseas markets,” said Horace Locke, founder and CEO of Gogoro, adding, “We are excited to share with the Government of Maharashtra its vision to transform urban transport and provide a better path forward for its residents and businesses.” “.