MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, through a joint venture with 917Ventures Inc. and Gogoro Network Pte. Ltd., will bring in the Gogoro two-wheeled e-scooters to the country.
In a disclosure yesterday, Ayala said the joint venture will be for the importation, sale, distribution, operation, management and maintenance of Gogoro e-scooters.
The business will also include battery swapping technology, battery swapping stations for the e-scooters, and after-sales service.
With Gogoro Philippines, Ayala has prioritized the electric mobility space as an area of growth, with interests in the entire EV ecosystem, including two-wheeled and four-wheeled electric vehicles, charging infrastructure, and the overall customer lifestyle, Ayala said in its disclosure.
“Recent developments in the global EV industry, as well as in the local regulatory landscape have affirmed our belief that the transition to EVs is well underway, and that the market in the Philippines is prime for disruption,” Ayala said.
The parties will infuse $8.5 million into Gogoro PH. Ayala will subscribe to 42 million common shares of Gogoro PH for a 21 percent stake.
917Ventures shall own 98 million common shares, equivalent to 49 percent of Gogoro PH. Gogoro SG shall own 60 million common shares, which is equivalent to 30 percent of Gogoro PH.
917Ventures is a wholly owned subsidiary of Globe Telecom and is a corporate venture builder that scales, ideates, launches, and accelerates new business ideas that uplift the lives of Filipinos. Ayala owns 30.69 percent of Globe.
Gogoro SG, on the other hand, is a wholly owned subsidiary of Gogoro Inc., a Nasdaq-listed company that has developed a battery-swapping refueling platform for urban electric two-wheeled scooters, mopeds, and motorcycles.
Gogoro SG also develops its own line of electric scooters and offers its own vehicle innovations to vehicle maker partners.