Taiwan-headquartered electric vehicle and infrastructure company Gogoro is advancing its plans to deploy battery swapping network in India. The company along with Belrise Industries (formerly known as Badve Engineering) has inked a strategic energy partnership with the Maharashtra government to establish a battery swapping infrastructure. This follows up to Gogoro’s earlier announced partnership with Hero MotoCorp and Zypp Electric among others.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
As per the understanding, Gogoro and Belrise Industries are planning a 50-50 JV to invest around $2.5 billion (Rs 20,617 crore) over a course of eight years to build energy infrastructure across the state. The non-binding MoU agreement was signed at the Maharashtra pavilion, World Economic Forum in Davos, Switzerland. The battery swapping infrastructure expects to begin deploying across the State of Maharashtra in 2023 which will leverage Gogoro’s smart energy ecosystem including smart battery stations, swapping technologies, network management solutions.
The joint venture comes at a time when the government is finalising the draft swapping policy, which is aimed at greater interoperability. It also seeks to reduce the upfront cost of buying an electric vehicle by obviating the need to pay the entire battery cost (the battery accounts for 40-50 per cent of the cost of the vehicle) and instead going in for swapping.
The partners plan to build a smart energy infrastructure in Maharashtra that is open and accessible and establishes battery swapping and smart battery stations as a leading source for mobility and energy storage. The deployment is also expected to accelerate job growth throughout the smart energy, electric vehicle, and sustainability value chain. In addition to the infrastructure, it is also expected to foster smart electric vehicle manufacturing and assembly in the state.
Find More News Related to Agreements
The International Cricket Council has suspended the Cricket Canada membership with the immediate effect. ICC…
Meesho has partnered with the BSE (Bombay Stock Exchange) to launch Project Shikhar. This initiative…
A Tamil Nadu farmer who emerged as the inspiring example of how the sustainable agriculture…
Indian teenagers Vivaan Chhawchharia, Ariana Agarwal, and Avyana Mehta won the 2926 Earth Prize as…
India's seafood sector recorded the highest-ever export performance in both volume and value in the…
Indian fashion star Bhavitha Mandava has secured the in the prestigious Forbes 30 Under 30…