Sumitomo Corporation, Sumitomo Mitsui Finance & Leasing Co., Ltd. (SMFL), and Gogoro Inc. consider first partnership to accelerate Gogoro's global expansion
Sumitomo Corporation, a major general trading company, and SMFL, one of the world's leading financial institutions, We will support GoGoro's global business expansion while creating new business opportunities for Sumitomo Corporation and SMFL.
TAIPEI , April 29, 2024 /PRNewswire/ — GoGoro Inc. (Nasdaq: GGR), a global technology leader in the battery replacement ecosystem that enables sustainable mobility solutions for cities, today announced a binding No memorandum of understanding signed. This is the first step in establishing a new partnership with Sumitomo Corporation and Sumitomo Mitsui Finance & Leasing Co., Ltd. (“SMFL”), accelerating Gogoro’s global business expansion and establishing a new partnership with Sumitomo Corporation and SMFL. offers unique opportunities for expansion. Mobility business and second life battery usage examples using Gogoro Smart Batteries and Battery Swapping.
“Gogoro's innovative business ecosystem is designed to create a broader range of business partnerships and business models than previously possible. Sumitomo Corporation and SMFL are now working together to accelerate the expansion of their mobility business. We aim to accelerate Gogoro's global business expansion while leveraging Gogoro Smart Batteries and Battery Exchange for “and Second Life Battery Revenue''. Horace Luke, founder and CEO of Gogoro, said: “Together, Gogoro, Sumitomo and SMFL share a vision to accelerate the expansion of sustainable energy and transportation in the world's most densely populated cities.”
Gogoro leverages big data from an innovative smart battery and battery swapping platform to transform energy, making it more sustainable and accessible. Gogoro tracks dozens of parameters in real time, including battery health, population distribution, and environmental conditions, providing key insights unique to Gogoro. Nearly a decade of real-world data and new inputs are analyzed every moment to make Gogoro's battery replacements smarter.
Sumitomo is involved in a wide range of fields in the domestic and international automobile industry, from vehicle design and manufacturing to sales, after-sales service, and energy management. In the mobility services field, we operate auto leasing, auto finance, EV-related businesses, individual subscription businesses, and parking businesses.
The MoU signals Sumitomo and SMFL's interest in leveraging the knowledge gained from both companies' global networks and existing operations to support Gogoro's global expansion.
SMFL has set the realization of a circular economy in its medium-term management plan strategy, and is promoting a circular economy for batteries by creating a battery reuse and recycling business that utilizes Gogoro's smart batteries, as well as utilizing GoGoro's smart batteries. We plan to explore unique new business opportunities based on As a new asset class for sustainable energy use in mobile second life.
“Gogoro’s potential partnership with Sumitomo and SMFL, a global leader in finance and leasing, will establish a new asset class using Gogoro’s smart batteries, allowing Sumitomo and SMFL to expand their mobility business and expand their secondary battery This will create new business opportunities to utilize Gogoro's batteries to generate “Life Battery Revenue” Bruce Aiken, Gogoro's Chief Financial Officer, said: “Among many new business opportunities, this partnership will enable a new asset-light expansion model for Gogoro that does not require large up-front capital investments and at the same time improves financial efficiency in new markets. ”
About Sumitomo Corporation
Sumitomo Corporation (TYO: 8053) is a general trading company with a strong global network of 129 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and approximately 80,000 employees on a consolidated basis. Our group's business activities span nine groups: steel, automobiles, transportation and construction systems, diverse urban development, media and digital, lifestyle business, mineral resources, chemical solutions, and energy transformation business. Based on Sumitomo's management philosophy, which has been passed down for more than 400 years, Sumitomo Corporation has a corporate message of “Enriching lives and the world,” and is working to create further value for society.
For more information, please visit www.umitomocorp.com/ja/jp.
About SMFL
Sumitomo Mitsui Finance & Leasing Co., Ltd. has been a leading leasing company in Japan for over 50 years. SMFL is affiliated with Sumitomo Mitsui Financial Group, one of the largest banking groups, and Sumitomo Corporation is a leading trading company. SMFL provides other types of finance such as finance leases, debt and equity investments, and various financial products, as well as other asset-based finance such as aircraft and engine leases, real estate and energy facilities to the global aviation industry. doing.
Click here for details: https://www.smfl.co.jp/
About Gogoro
Founded in 2011 to reimagine urban energy and inspire the world to move through cities in smarter, more sustainable ways, Gogoro harnesses the power of innovation to transform the distribution and consumption of urban energy. Change your method. Gogoro's battery replacement and vehicle platform was recognized and awarded by Frost & Sullivan as “His 2023 Global Company of the Year for Electric Motorcycle Battery Replacement.” The company was also recognized by MIT Technology Review as one of the “15 Climate Change Technology Companies to Watch” in 2023. We provide a smart, proven, sustainable and long-term ecosystem for a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that leverage artificial intelligence to manage battery charging and availability. The challenges are enormous, but the opportunities are even greater to challenge the status quo, establish new standards, and achieve new levels of growth in sustainable transportation in densely populated cities. For more information, visit https://www.gogoro.com/news and follow Gogoro on Twitter. @weargogoro
Notes
This Memorandum does not constitute or create any legally binding or enforceable obligations on the part of Gogoro, Sumitomo Corporation or SMFL. Although the parties are expected to continue discussions, there can be no assurance that the parties will be able to reach a final or binding agreement or that the partnership contemplated by the MOU will be formed. there is no.
Forward-looking statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Gogoro's future performance. In some cases, the words “may,” “would,” “should,” “expected,” “plans,” “anticipated,” “scheduled,” and “possible.” These statements may be identified as forward-looking statements because they contain words such as “may occur”. “intends,” “aims,” “plans,” “contemplates,” “believes,” “estimates,” “anticipates,” “may,” or “continues,” or Negation of the word Gogoro, or other similar terms or expressions related to expectations, strategies, priorities, plans, or intentions. Forward-looking statements in this communication, including statements by Gogoro's founder, chairman, chief executive officer and Gogoro's chief financial officer, include This includes, but is not limited to, statements regarding partnerships. board member.
Gogoro's expectations and beliefs with respect to these matters may not materialize and actual results in future periods may vary as of the date of this document, including risks related to the parties' potential failure to perform. They are subject to risks and uncertainties that may differ materially from those anticipated. A legally binding and definitive agreement regarding the partnership, the success of such partnership, the parties' ability to achieve their respective goals described above under such partnership, and the parties' ability to achieve such goals in a timely manner. to conclude. The forward-looking statements contained in this communication are more fully contained in Gogoro's filings with the Securities and Exchange Commission (“SEC”), including Gogoro's Form 20-F for the year ended December 31, 2019. It is also subject to other risks and uncertainties, including those related to , 2023, filed on March 29, 2024, and copies of documents subsequently filed with the SEC are available on his SEC website at www.sec.gov. The forward-looking statements in this communication are based on information available to his Gogoro as of the date hereof, and Gogoro undertakes no obligation to update forward-looking statements, except as required by law. We do not owe.
Source Gogoro Inc.
