BP's Castrol to Invest Up to $50 Million in Smart-Mobility Firm Gogoro
By Don Nico Forbes
Castrol will invest up to $50 million in Gogoro, a Taiwan-based provider of battery-swapping platforms for urban smart mobility, as part of plans to diversify its operations.
BP's brand for industrial and automotive lubricants will initially invest $25 million in ordinary Gogoro shares, to be followed by a second $25 million investment in the form of a convertible note, in return for a 5.72% interest in the company, it said Tuesday.
"Gogoro is a global leader in two-wheeler battery swapping and our investment in Gogoro is a strategic step towards diversifying our portfolio," said Castrol Chief Executive Michelle Jou.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
June 25, 2024 06:48 ET (10:48 GMT)
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