Maharashtra’s ‘Ultra Mega Project’ offer outlines an eight year phase 1 investment plan that includes more than $500 million investment in manufacturing and $1 billion in smart battery infrastructure deployment by Gogoro
The Project Would be One of the Largest EV Investments in India’s History and Follows an MOU Announcement at Davos in January 2023.
Mumbai, NFAPost: Gogoro Inc, a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, announced an investment of over $1.5 billion in Maharashtra to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure.
The announcement was made by Maharashtra Chief Minister Eknath Shinde. The offer letter follows a MOU between Maharashtra and Gogoro that was previously announced at Davos in January 2023.
The Maharashtra government categorises Ultra Mega Projects as significant strategic investments exceeding $500 million that usually result in government incentives to ensure successful project execution. Gogoro’s request for financial incentives was approved and endorsed by the Maharashtra state cabinet and the two parties expect to complete the agreement soon.
Maharashtra Chief Minister Eknath Shinde said as the leading State in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all.
“We are creating a smart battery ecosystem with Gogoro, a leader in sustainable vehicles and electric fuel technologies. As part of the project, Gogoro will establish its India vehicle, smart battery and battery swapping station manufacturing in Maharashtra and deploy their industry leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs,” said Maharashtra Chief Minister Eknath Shinde.
Maharashtra Deputy Chief Minister Devendra Fadnavis said in line with the vision set by our Hon Prime Minister Narendra Modi, Maharashtra is fully committed to help build a green and sustainable future for Maharashtra.
“I am delighted to announce that today we approved an ultra mega project with Gogoro, a Nasdaq listed, global two-wheel EV company. Gogoro aims to produce two-wheel EV’s that utilize its open and accessible battery swap technology which is absolutely state of the art. We have provided Gogoro with the necessary financial and other key incentives to usher in a new paradigm shift in the way we will move people across metros and cities,” said Maharashtra Deputy Chief Minister Devendra Fadnavis.
Maharashtra Deputy Chief Minister Devendra Fadnavis said the EV revolution is gripping the world and our state is not far behind in its early adoption. “With this project we anticipate creating a fertile ecosystem for local manufacturers who will avail the necessary tech transfer and help create world class products for our citizens,” said Maharashtra Deputy Chief Minister Devendra Fadnavis.
Gogoro plans 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. Gogoro is expected to lead the increase of foreign direct investment into the state of Maharashtra in both supply chain capabilities and smart battery infrastructure.
Gogoro Founder and CEO Horace Luke said building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, the company plans to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with the state of Maharashtra.
“We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion. It is essential that we transform industries and infrastructure to successfully enter a new era of clean, connected mobility. We are excited to be partnering with the Maharashtra government in its vision to transform urban transportation and provide a better path forward for its residents and businesses,” said Gogoro Founder and CEO Horace Luke.
The battery swapping infrastructure expects to begin deploying across Maharashtra in late 2023 which will leverage Gogoro’s smart energy ecosystem including smart battery stations, swapping technologies, network management solutions, and will provide numerous innovations to the State, contributing in the areas of smart city design and development, energy storage stations & systems, smart mobility sharing, smart electric vehicles, demand response services and distributed energy storage, among other applications.
With more than 120 million residents, Maharashtra is India’s largest economy and industrialised state with a gross domestic product of more than $450 billion that accounts for 16-percent of India’s industrial output.
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 Network is a new generation of distributed smart energy infrastructure that is optimized for swappable battery refueling and architected for intelligent bidirectional demand response and energy storage that is a key building block of a smart grid.
Gogoro has quickly become an innovation leader in battery swapping, energy storage, connected vehicles, electric propulsion systems, smart battery design, 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 growth in densely populated cities is even greater.
