Hero MotoCorp Ltd. invests INR 420 crore in Electric Scooter Company Ather Energy
At a time when India's top two-wheeler manufacturer is preparing its own product for the local EV market, Hero MotoCorp Ltd. is investing Rs 420 crore in electric scooter company Ather Energy.
According to a regulatory statement, the company's board of directors has approved the investment in one or more tranches. Hero MotoCorp owned 34.8 percent of the Bengaluru-based startup prior to the proposed investment.
"Following the investment, Ather's stake will increase, and the exact shareholding will be established after the capital raise round is completed."
This is Hero MotoCorp's fifth investment in Ather Energy, which has yet to reach the electric two-wheeler market. It made its first investment in 2016, when it joined as a strategic partner.
Hero MotoCorp became the first company to use Ather Energy's fast-charging technology in October 2021 for its own electric scooter, which will be released in March.
The Delhi-based firm said it is looking into collaborating with Ather Energy on a variety of fronts, including charging infrastructure, technology, and sourcing. It has also partnered with Gogoro Inc, a Taiwanese battery swapping startup, and stated that it is striving to “building the entire EV ecosystem”.
“We were one of the early investors in Ather Energy and have continued to expand our association over the years,” said Swadesh Srivastava, head, emerging mobility business unit, at Hero MotoCorp. “We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.”
With startups and big automobile corporations developing products, the electric two-wheeler market is heating up.
Ola Electric has begun delivering its first vehicle, the Ola S1 Pro, after claiming to have built the world's largest two-wheeler factory. Bounce has also launched the Infinity scooter, which operates on a battery-swapping system.
Battery swapping is the process of replacing a depleted battery with a fully charged one. This would take the position of recharging, which most OEMs (original equipment manufacturers) use, including Tesla Inc., the electric carmaker. Swap technology reduces the need to charge the car for long periods of time, similar to how gasoline vehicles are refuelled.
According to a regulatory statement, the company's board of directors has approved the investment in one or more tranches. Hero MotoCorp owned 34.8 percent of the Bengaluru-based startup prior to the proposed investment.
"Following the investment, Ather's stake will increase, and the exact shareholding will be established after the capital raise round is completed."
This is Hero MotoCorp's fifth investment in Ather Energy, which has yet to reach the electric two-wheeler market. It made its first investment in 2016, when it joined as a strategic partner.
Hero MotoCorp became the first company to use Ather Energy's fast-charging technology in October 2021 for its own electric scooter, which will be released in March.
The Delhi-based firm said it is looking into collaborating with Ather Energy on a variety of fronts, including charging infrastructure, technology, and sourcing. It has also partnered with Gogoro Inc, a Taiwanese battery swapping startup, and stated that it is striving to “building the entire EV ecosystem”.
“We were one of the early investors in Ather Energy and have continued to expand our association over the years,” said Swadesh Srivastava, head, emerging mobility business unit, at Hero MotoCorp. “We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.”
With startups and big automobile corporations developing products, the electric two-wheeler market is heating up.
Ola Electric has begun delivering its first vehicle, the Ola S1 Pro, after claiming to have built the world's largest two-wheeler factory. Bounce has also launched the Infinity scooter, which operates on a battery-swapping system.
Battery swapping is the process of replacing a depleted battery with a fully charged one. This would take the position of recharging, which most OEMs (original equipment manufacturers) use, including Tesla Inc., the electric carmaker. Swap technology reduces the need to charge the car for long periods of time, similar to how gasoline vehicles are refuelled.
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