Gogoro® Inc. (“Gogoro” or the “Company”), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced an update to its unaudited 2021 revenue and an increase to its PIPE to $295M. Gogoro is in a strong position to fund its business plan and is committed to closing its SPAC transaction with Poema Global Holdings Corp. (“Poema Global”) (NASDAQ: PPGH) in early April. Gogoro is seeing excellent momentum in its business, both in its home market of Taiwan, and its expansion markets in China, Southeast Asia and India.
Gogoro finished 2021 ahead of expectations with unaudited 2021 revenue exceeding its prior projected 2021 revenue of $326.9M by approximately 10%. The company is also tracking well against its previous 2022 revenue projection of $500.2M.
Gogoro has also experienced solid demand for its PIPE, significantly exceeding its initial target of $175M with $257M at the time of the SPAC transaction announcement in September 2021. Since then, Gogoro has received an additional $37.5M in commitments, including an additional $10M commitment being added today, taking the total PIPE to $295M. This significant, upsized cash position allows Gogoro to ensure that it can push forward aggressively with its investment and expansion plans.
Based on this, Gogoro expects to close its business combination transaction in early April, regardless of redemption levels, and is excited to become a publicly traded company as it continues to execute its market expansion plans alongside its industry-leading partners. Following the completion of the business combination, Gogoro expects to be listed on the Nasdaq under the symbol “GGR.”
