Gogoro signs MoU with Sumitomo over global expansion

Gogoro has signed a non-binding memorandum of understanding to establish a new partnership with Sumitomo Corporation and Sumitomo Mitsui Finance and Leasing. Gogoro will use the partnership for global expansion plans, while Sumitomo wants to expand its mobility business and second life battery use cases.

The new partnership is intended to help accelerate Gogoro’s global business expansion while providing Sumitomo and SMFL with new unique opportunities to expand their mobility business and second-life battery use cases using Gogoro Smart Batteries and battery swapping.

Sumitomo is involved in a broad range of areas in the automotive industry in Japan and abroad, from vehicle engineering and manufacturing to sales, after-sales service, and energy management. The financial subsidiary is involved in auto leasing, auto financing, EV-related business, individual subscription business, and parking lot business.

“Gogoro’s innovative business ecosystem is designed to create broader business partnerships and business models that were not previously possible. Today, Sumitomo and SMFL are looking to accelerate Gogoro’s global business expansion while utilizing Gogoro Smart Batteries and battery swapping to drive expansion of their own mobility business and second life battery revenue,” said Horace Luke, founder and CEO of Gogoro.

Gogoro has been on an international expansion course of late, having just announced a cooperation deal with TSMC in Taiwan, where the company also signed a deal with Uber Eats. An expansion in Latin American markets was also announced in February, which was preceded by a similar announcement for India in December.

gogoro.com