Ola Electric acquires Amsterdam-based Etergo, to launch electric two-wheeler next year – Firstpost

New Delhi: Ola Electric Mobility (OEM) on Wednesday mentioned it has acquired Amsterdam-based Etergo BV, a transfer that can assist the Indian agency foray into the worldwide premium electric two-wheeler market.

Ola Electric, with out disclosing the deal worth, mentioned it goals to launch its electric two-wheeler in India in 2021, and the acquisition of Etergo will additional bolster OEM’s engineering and design capabilities.

Etergo’s crew will proceed to be based mostly out of Amsterdam, in accordance to an announcement.

Founded in 2014, Etergo has developed an all-electric ‘AppScooter’ that makes use of swappable excessive vitality density batteries to ship a spread of up to 240 km.

“With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric aims to transform the over 100-million global two-wheeler market, including the over 20-million (units) Indian two-wheeler market, into a clean energy, digital future,” OEM mentioned.

It added that electric two-wheelers are probably the most environment friendly and cleanest resolution for city mobility, which is able to turn into much more related within the publish-COVID world.

OEM plans to arrange intensive charging and swapping networks round India and is presently operating a number of pilots to deploy electric autos and charging options throughout cities with a give attention to two and three-wheelers, as per the assertion.

“The future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally. Every year, almost twice the number of two-wheelers are sold across the world compared to cars,” OEM founder and Chairman Bhavish Aggarwal mentioned.

He added that with electric, digitally linked capabilities, two-wheelers will additional emerge as probably the most most popular city mobility paradigm world wide.

“We look forward to building the best global capabilities in engineering, design and manufacturing for these products to be made here in India,” he mentioned.

OEM had obtained $250 million funding from SoftBank final year and raised Rs 400 crore in a funding spherical led by Tiger Global and Matrix India. The entity can also be backed by Tata Sons” Chairman Emeritus Ratan Tata.

Ola Electric was initially established to allow trip-hailing platform, Ola”s electric mobility pilot programme in Nagpur in 2017. In 2018, Ola introduced its ‘Mission: Electric’ to convey a million electric autos (EVs) on Indian roads by 2021.

“We are looking forward to joining Ola Electric and together, reimagining electric mobility to transform the way the world moves,” Bart Jacobsz Rosier, co-founder and CEO of Etergo BV, mentioned.

Updated Date: May 27, 2020 11:31:32 IST

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