SIDBI recognition makes specific Gogoro vehicles eligible for SIDBI financial programs that are focused on increasing EV penetration in India.
SIDBI is the principal financial institution set up in 1990 under an Act of India’s Parliament for the promotion, financing, and development of the Micro, Small and Medium Enterprise (MSME) sectors.
DELHI, INDIA, NOVEMBER 29, 2023 – Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced it has been recognized by the Small Industries Development Bank of India (SIDBI) as an empaneled OEM making its registered vehicles eligible for SIDBI’s EV financing programs. The announcement was made at the Micro, Small & Medium Enterprises (MSME) & Start-up Stakeholder Consultation Meeting, organized by SIDBI in Delhi that engaged more than 350 start-ups.
“SIDBI’s "50K-EV4ECO" flagship mission is to foster electric vehicle adoption across India,” said Dr. R. K Singh, Chief General Manager of SIDBI. “As part of this initiative SIDBI provides innovative financing facilities to strengthen the EV ecosystem for commercial uses through direct and indirect lending that enables enterprises to transition to electric mobility.”
Since its formation in 1990, SIDBI has been impacting the lives of India’s citizens across various aspects of society through its integrated, innovative and inclusive approach. Be it traditional domestic industry, small, bottom-of-the-pyramid entrepreneurs, medium enterprises to high-end knowledge-based industries and export promotions, SIDBI has directly or indirectly touched the lives of more than 36 million people in the medium and small enterprises sector, through various credit and developmental measures.
“This collaboration marks a significant step in creating a robust EV ecosystem in India by providing financing to support the transition to cleaner and greener transportation alternatives,” said Horace Luke, CEO and founder of Gogoro. “The Government of India, under its EV30@30 mission, is taking meaningful steps forward to accelerate EV adoption. Initiatives like this help two-wheel EV buyers and fleet operators secure financial assistance at better terms to adopt Gogoro vehicles and battery swapping.”
Gogoro has been at the forefront of revolutionizing urban mobility with its innovative electric scooters and advanced battery-swapping technology. This initiative makes Gogoro the first global electric two-wheel OEM and the first battery-swapping player to qualify for empanelment with SIDBI. Through this initiative, Gogoro aims to facilitate and accelerate the adoption of electric vehicles (EVs) in India.
Gogoro Battery Swapping
Gogoro battery swapping is a new generation of swappable battery refueling that is smart, safe, and continually optimizing itself to be dynamic and versatile for riders, businesses, and communities. The Gogoro Network supports nearly 600,000 riders and has more than 1.3 million smart batteries in circulation through its network of 12,000 battery swapping stations at over 2,500 locations. With more than 400,000 daily battery swaps and more than 500 million total battery swaps to date, Gogoro Network battery swapping has saved more than 770,000 tons of CO2 since it launched.
About SIDBI (Small Industries Development Bank of India)
SIDBI is the principal financial institution set up under an Act of Parliament for the promotion, financing, and development of the Micro, Small and Medium Enterprise (MSME) sector and for the coordination of functions of institutions engaged in similar activities. Over the years, SIDBI has been instrumental in taking up various initiatives for the development of the MSME sector through credit and more importantly, credit-plus activities.
Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized and awarded by Frost & Sullivan as the “2023 Global Company of the Year for battery swapping for electric two-wheel vehicles” and MIT Technology Review as one of “15 Climate Tech Companies to Watch” in 2023, Gogoro’s battery swapping and vehicle platforms offer a smart, proven, and sustainable long-term ecosystem for delivering a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater.