Gogoro, Belrise to invest Rs 20,000 crore for battery-swapping network in Maharashtra

The Government of Maharashtra has announced a strategic energy partnership with Taiwan's Gogoro Inc and Belrise Industries (erstwhile Badve Engineering Ltd) to set up battery swapping infrastructure in the state. The non-binding MoU agreement was signed at the Maharashtra pavilion at the ongoing World Economic Forum in Davos, Switzerland. 

1. Gogoro, Belrise to establish battery-swapping over 8 years
2. Agreement signed at the World Economic Forum in Switzerland
3. Both have a 50-50 investment in this partnership 

Gogoro, Belrise battery swapping network: details

Gogoro and Belrise have planned a joint 50-50 partnership to invest US$2.5 billion (approx. Rs 20,617 crore) over eight years with the Maharashtra government to build an energy infrastructure across the state.

The companies plan to establish 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 smart infrastructure, the partnership is also expected to foster smart electric vehicle manufacturing and assembly in the state. 

The deployment of the battery swapping infrastructure across Maharashtra is expected to begin in 2023 and will leverage Gogoro’s smart energy ecosystem. With more than 120 million residents, Maharashtra is India’s largest economy and industrialised state with a GDP of more than US$450 billion (approx Rs 37 lakh crore), which accounts for 16 percent of India’s industrial output.

“It is indeed a remarkable moment for the State, this will perhaps be the largest green partnership of this nature worldwide,” said Maharashtra Chief Minister Eknath Shinde.

“Together, the State of Maharashtra, Belrise Industries and Gogoro plan to shift energy usage and establish this new sustainable economy that will encourage jobs creation, establish new technical and sustainable industrial capabilities, and ultimately increase state exports.” said Horace Luke, founder and CEO of Gogoro. 

"Today, we are partnering with Gogoro, a global innovation leader in smart sustainable energy and India's most industrious state of Maharashtra to deploy the largest portable battery swapping infrastructure of its kind to enable a new generation of products and services that Maharashtra's residents can embrace." said Shrikant Badve, managing director, Belrise Industries.  

Also See:

Gogoro to start EV production in India by mid-2023

Gogoro kickstarts battery-swapping pilot in India