BP's Castrol to Invest $50M in Battery-Swapping Leader Gogoro [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
global technology leader in battery-swapping ecosystems for smart mobility solutions in urban areas. The investment marks a strategic move for Castrol as it seeks to diversify beyond its traditional lubricants and fluids business. In the first tranche of the investment, Castrol Holdings, an affiliate of Castrol, will invest US$25 million in ordinary shares of Gogoro. A subsequent investment of $25 million in the form of a convertible note is also anticipated, subject to specific transactions being finalized as part of the companies' business collaboration. The initial investment will grant Castrol approximately 5.72% ownership of Gogoro's outstanding ordinary shares. This move is a key component of Castrol's new 'Onward, Upward, Forward' strategy, aimed at exploring new opportunities and expanding its business horizons. Michelle Jou, CEO of Castrol, emphasized the significance of two-wheelers within the company's global product lineup. She highlighted that as customers shift tow
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