Gogoro to manufacture electric vehicles, battery packs, and battery swap stations in Maharashtra.
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Gogoro to manufacture electric vehicles, battery packs, and battery swap stations in Maharashtra.

Gogoro will invest over $1.5 billion in this Ultra Mega Project deal and receive financial incentives and support from Maharashtra.

Maharashtra Government has announced its collaboration with Gogoro Inc., a global technology leader in battery swapping ecosystems, to spearhead a transformative “Ultra Mega Project” aimed at revolutionizing the region’s mobility landscape. The agreement, presented to Gogoro in an offer letter, involves the manufacturing of vehicles, smart battery packs, and battery swap stations, along with the deployment of an open and accessible battery swapping infrastructure throughout the state, set to commence in late 2023.

Chief Minister Shri. Eknath Shinde unveiled this momentous partnership during a press conference held at Maharashtra’s State Government headquarters, highlighting the government’s commitment to sustainable mobility solutions and the creation of a robust smart energy infrastructure. The proposed Ultra Mega Project, estimated to surpass an astounding $1.5 billion, incorporates substantial financial incentives and support from the Maharashtra government.

The roots of this collaboration trace back to an earlier MOU between Maharashtra and Gogoro, which was initially announced at the World Economic Forum in Davos in January 2023. The Maharashtra government classifies Ultra Mega Projects as strategic investments exceeding $500 million, typically leading to government incentives aimed at ensuring successful project execution. Gogoro’s request for financial support garnered approval from the Maharashtra state cabinet, and the final agreement is expected to be completed in the near future.

Gogoro’s ambitious plans for Maharashtra encompass the development of a comprehensive smart energy infrastructure that promotes open and accessible battery swapping facilities and establishes them as a primary source for mobility and energy storage solutions. Additionally, this initiative is set to catalyze job growth across the smart energy, electric vehicle, and sustainability value chain, thereby contributing to the state’s economic prosperity.

Furthermore, Gogoro’s foray into Maharashtra is expected to invigorate foreign direct investment, bolstering the state’s supply chain capabilities and smart battery infrastructure. The deployment of battery swapping infrastructure, slated to commence in late 2023, will leverage Gogoro’s smart energy ecosystem, encompassing advanced smart battery stations, cutting-edge swapping technologies, and network management solutions. The implementation of this innovative infrastructure promises to bring forth a multitude of applications, including smart city design and development, energy storage stations and systems, smart mobility sharing, smart electric vehicles, demand response services, and distributed energy storage.

“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 the state of Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion,” said Horace Luke, founder, and CEO of Gogoro. “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.”

“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 Hon. Chief Minister Shri. Eknath Shinde.

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