Ola Electric Acquires Amsterdam-Based Electric Two-Wheeler Maker Etergo BV
The cab aggregator said it plans to launch its global electric two-wheeler in India in 2021
May 28, 2020
Ola Electric Mobility Private Limited, a subsidiary of Indian cab aggregator Ola Cabs, announced that it has acquired Etergo BV, an Amsterdam-based electric scooter maker.
The value of the transaction remained undisclosed.
Etergo BV, founded in 2014, has developed an all-electric scooter, AppScooter, that uses high energy density batteries to provide a range of up to 240 km, according to Ola’s statement. It added that Ola Electric plans to use it to foray into the premium electric two-wheeler market in India and abroad, and it plans to launch its global electric two-wheeler in India in 2021.
Ola Electric’s statement also said that the company is currently running several pilot programs to deploy electric two and three-wheelers along with charging solutions in many cities. It also talked about its plans to set up extensive battery charging and swapping stations across the country.
The company said that it plans to transform the 100 million strong global two-wheeler market, including India’s own market, which has over 20 million of these vehicles into a cleaner and digitalized market.
“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,” said Bhavish Aggarwal, Founder & Chairman, Ola Electric.
The electric mobility wing of one of India’s largest ride-hailing companies said that it is already working with power distribution companies (DISCOMs) to set up a conducive EV ecosystem with a robust battery charging and swapping network in New Delhi.
Last year, New Delhi’s DISCOM BSES announced signing a memorandum of understanding with Ola Electric to set up battery swapping and charging stations in parts of New Delhi in a move to boost electric vehicle adoption in the national capital.
Earlier, Ola Electric Mobility said it raised ₹17.25 billion (~$250 million) from Tokyo-based SoftBank. SoftBank’s Cayman’s Islands entity, SB Topaz (Cayman) Ltd, was allotted 4,326 compulsorily convertible preference shares in Ola Electric Mobility at a premium rate of ₹3.99 million (~$52,980).
Last year, Mercom analyzed the two and three-wheeled segments of EVs in the country and the players that are taking it forward.
Nithin Thomas is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai. More articles from Nithin.