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Gogoro gets Maharashtra nod to set up $1.5 bn smart battery infra

The proposed 'Ultra Mega Project' deal includes financial incentives and support from the Maharashtra government

India will also extend incentives to electric vehicles running on swappable batteries based on their kilowatt-hour capacity under a new or existing subsidy program. (Photo: Bloomberg)

Nitin Kumar New Delhi

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Taiwanese electric mobility giant Gogoro, will invest more than $1.5 billion to establish state-wide battery charging and swapping infrastructure in Maharashtra. 

The proposed ‘Ultra Mega Project’ deal includes financial incentives and support from the Maharashtra government. The announcement follows Gogoro’s earlier commitment to invest $2.5 billion over eight years in Maharashtra. The proposed investment will start later this year. 

The Maharashtra government categorizes 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,” Gogoro said in a statement. 

“As the leading State in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all. 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.

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. 

“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, adding, “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.”

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First Published: Jun 29 2023 | 11:41 PM IST

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