Gogoro, leader in battery swapping, Strengthens Capital Structure with New Credit Facility.
Gogoro Inc. ( Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enables sustainable mobility solutions for cities, announced it has signed a NT$10.7 billion (approximately $345 million)1 five-year credit facility agreement, with a two-year extension option, with a group of ten syndicated banks.
Led by Mega International Commercial Bank Co., Ltd., as the sole mandated lead arranger and bookrunner, the facility consists of two term loans and one revolving facility that will be used to pay off a current outstanding credit facility, purchase energy cells, support working capital and facilitate Gogoro Network operations in Taiwan.
Provided Gogoro continues to meet carbon reduction contribution goals, a rate discount is applied. This highlights Mega Bank and other syndicated loan participants’ focus on ESG, and Gogoro’s ESG contribution.
Bruce Aitken, chief financial officer of Gogoro, said:
Today we signed a new $345 million syndicated loan that further strengthens our capital structure and cash reserves, and increases our liquidity, enabling us to deploy our business plans more efficiently.
“The fact that we were able to raise our borrowing capacity and secure favorable terms and borrowing rates in today’s credit-cautious environment is validation from our banking partners that they understand and support Gogoro’s vision, and our ability to execute.”
About Gogoro
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. 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. For more information, visit https://www.gogoro.com/news/ and follow Gogoro on Twitter: @wearegogoro.
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Gogoro Strengthens Capital Structure with New Credit Facility, TAIPEI, Taiwan, September 28, 2022
