Gogoro Inc has tied up with Hindustan Petroleum Corporation Ltd (HPCL) to set up battery swapping stations in the country. The Nasdaq-listed company will build the battery-swapping infrastructure for electric two-wheelers at HPCL’s 21,000 retail outlets.
“We are announcing a partnership with HPCL to roll out thousands of Gogoro battery swapping stations across its retail outlets throughout the country in the coming years,” Horace Luke, founder and CEO of Gogoro, said.
India is in the early stages of a massive electric transformation of its urban two-wheeler transportation system. Battery swapping will be a critical component to broad adoption, Luke said.
A statement from Gogoro said it is joining together with the Indian business community apart from national and local governments to deploy a battery swapping and electric vehicle ecosystem that is open, accessible and scalable. The company did not disclose whether it would enter into similar tie-ups with other companies.
“Gogoro has demonstrated its global leadership in battery swapping and electric two-wheel innovation. With nearly 500 million battery swaps to date, Gogoro has developed a platform we can embrace and emulate,’’ D.K. Sharman, executive director, corporate strategy and business development, at HPCL said.
Gogoro, which was founded in 2022, said its network supports nearly 600,000 riders and has more than 1.3 million smart batteries in circulation through 12,000 battery-swapping stations at over 2,500 locations. It has to date achieved more than 400,000 daily battery swaps and nearly 500 million total battery swaps.
HPCL returned to profitability in the September quarter after a boost in marketing margin improved earnings. It logged a net profit of Rs 5,826.96 crore against a loss of Rs 2,475.69 crore a year ago.