Gogoro to invest over USD 1.5 billion in Maharashtra

The Maharashtra government and battery swapping firm Gogoro have entered into an ‘Ultra Mega Project’ agreement to manufacture vehicles and battery packs, and establish battery swap stations. This will be alongside the goal of deploying an open and accessible battery swapping infrastructure in the state beginning later this year. The proposed Ultra Mega Project deal would exceed US $1.5 billion, and include financial incentives and support from Maharashtra.

The offer letter follows an 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 USD $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.

“As the leading state in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all,” said Chief Minister Eknath Shinde. “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 smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs.”

Devendra Fadnavis, the Deputy Chief Minister of Maharashtra said, "We have provided Gogoro with the necessary financial and other key incentives to usher in a shift in the way we will move people across metros and cities.”

Gogoro plans to build Maharashtra's energy infrastructure to ensure it is open and accessible, and establishes battery swapping 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 sustainable value chain. Gogoro is expected to lead the increase of foreign direct investment into Maharashtra in both supply chain capabilities and smart battery infrastructure.

Horace Luke, founder and CEO of Gogoro said, “Building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, we plan to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion.”