By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoCommunityCryptoCommunity
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • BTC
  • ETH
  • USDT
  • USDC
  • BNB
  • BUSD
  • ADA
  • XRP
  • SOL
  • DOGE
  • DOT
  • MATIC
Reading: Battery-swapping SPAC Gogoro secures $345M loan
Share
Aa
CryptoCommunityCryptoCommunity
Aa
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
CryptoCommunity > Blog > General > Battery-swapping SPAC Gogoro secures $345M loan
General

Battery-swapping SPAC Gogoro secures $345M loan

admin Published September 29, 2022
Last updated: 2022/09/29 at 2:20 AM
Share
SHARE

[ad_1]

Taiwanese battery-swapping company Gogoro has signed a $345 million five-year credit facility agreement in order to increase liquidity among uncertain economic conditions.

The loan comes from a group of 10 syndicated banks led by Mega International Commercial Bank Co., according to a regulatory filing.

Gogoro will use the funds to pay off an existing facility, secure energy cells for its batteries, support operations in Taiwan and provide working capital as needed, according to a company spokesperson.

The company will have an option to extend the loan for an additional two years and even get a discount if it continues to meet its carbon reduction goals.

The fresh funds come a month after Gogoro released its second-quarter earnings results, which showed a company that is still growing, but is cautious, given market and macroeconomic conditions. Year-over-year Gogoro managed to increase its revenue by 5.3% to $90.7 million; however, the impact of COVID in Taiwan and China caused Gogoro CEO Horace Luke to revise guidance for the full year from $460 million to $500 million down to $380 million to $410 million.

After reaching mid-September highs of $5.55 per share, Gogoro’s stock took a hit last week, which bearish analysts attribute to declining electric scooter sales in Taiwan and disappointing progress in foreign markets. Gogoro is currently trading at $4.10 on Wednesday after market close.

Earlier this month, Gogoro launched its battery-swapping stations and electric scooters in Israel and selected Singapore’s first EV battery swap pilot.

In November last year, the company launched battery-swapping stations in China, operating under the Huan Huan brand, which is a partnership between Gogoro and electric two-wheeler makers Yadea and DCJ. Gogoro also partnered with Hero MotoCorp to launch a battery-swapping network in India, as well as Hero-branded electric two-wheelers based on Gogoro’s technology. Gogoro previously said it plans to launch its first swapping stations in New Delhi by the end of this year, but the company did not respond to TechCrunch’s request for updated guidance.

Gogoro went public via a merger with a special purpose acquisition company (SPAC) in April. The hype for SPACs is dwindling, with less interest coming from the public markets. Now, a range of EV SPACs are struggling with production issues, inflationary pressures and supply chain bottlenecks that are lowering valuations and throwing up hurdles to liquidity. Recently, Nikola and Lucid Motors, two other EV SPACs, said they’d need to raise more cash to bring their vehicles to market.

Gogoro says the fact it was able to raise its borrowing capacity and secure favorable terms and borrowing rates “in today’s credit-cautious environment” is validation that the company’s partners understand and support Gogoro’s vision and ability to grow.

[ad_2]

You Might Also Like

Revyze is building the TikTok of educational videos

YouTube ends the test asking users to get a premium subscription to watch 4K videos

Who is going to buy Cadillac’s $300,000 hand-built EV?

Don’t let today’s software rally improve your mood

Daily Crunch: Kanye West reaches agreement to acquire social media platform Parler

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
admin September 29, 2022
Share this Article
Facebook TwitterEmail Print
Share
Previous Article Regie secures $10M to generate marketing copy using AI
Next Article Florida’s Space Coast braces for Hurricane Ian

Latest News

earn bitcoins fast
How to earn bitcoins fast
crypto
Cryptocurrency is a Scam or Not
How to Tell If a Cryptocurrency is a Scam or Not
crypto
Losing In Cryptocurrency Trading
Tips to Avoid Losing In Cryptocurrency Trading
crypto
Sell Products Online with Bitcoins
How to Sell Products Online with Bitcoins – The Ultimate Guide
crypto

You Might also Like

Revyze is building the TikTok of educational videos

6 Min Read

YouTube ends the test asking users to get a premium subscription to watch 4K videos

2 Min Read

Who is going to buy Cadillac’s $300,000 hand-built EV?

4 Min Read

Don’t let today’s software rally improve your mood

1 Min Read

Crypto Community

  • Home
  • Crypto Calculator
  • Blog
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Real time Cryptocurrency

  • Crypto Prices
  • Dogecoin price
  • Shibainu coin price
  • Bitcoin Price
  • Cardano Price
  • Litecoins Price

Cryptocurrency Price USD

  • Bitcoin price USD
  • Ethereum price USD
  • Tether price USD
  • BNB Price USD
  • Cardano Price USD
  • Solana Price USD
  • Peps coin Price USD
  • floki inu Price USD
  • SIA coin Price USD
CryptoCommunityCryptoCommunity
Follow US

© 2022 Cryptos Community All Rights Reserved. All logos and images used on this website are registered trademarks of their respective companies. All Rights Reserved. Cryptos Community is not liable for inaccuracies, errors, or omissions found herein. For the removal of copyrighted images, trademarks, or other issues, Contact Us. 


Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?