NOVEMBER 20239TOP STORIESGOGORO & HPCL PARTNER UP TO DEVELOP BATTERY SWAPPING NETWORKIn a statement, the company announced that Gogoro will be developing an extensive battery-swapping infrastructure for electric two-wheelers as they work together with HPCL. This collaboration will involve the implementation of battery-swapping stations across HPCL's retail outlets nationwide.According to the information provided, Hindustan Petroleum Corporation Ltd (HPCL), a government-owned oil marketing company, has expanded its network to include more than 21,000 retail outlets.Horace Luke, the founder and CEO of Gogoro, stated that they are pleased to announce a collaboration with HPCL. This partnership aims to introduce numerous Gogoro battery-swapping stations within the country's retail outlets in the following years.India is in the early stages of a massive electric transformation of its urban two-wheeler transportation system, and it is increasingly evident that battery swapping is a critical component to broad adoption, so building out the swapping infrastructure is crucial, he added.In an effort to establish an open, accessible, and scalable battery swapping and electric vehicle ecosystem, Gogoro is collaborating with the Indian business community as well as national and local governments, as mentioned. EV MAKER EULER MOTORS RAISES RS.120 CRORE IN SERIES C ROUNDElectric car maker Euler Motors on Monday said it has raised Rs 120 crore from several investors. The ongoing Series C expansion round was led by British International Investment (BII), a UK government and development finance institution, and impact investor investing in the company alongside Blume Ventures, Euler Motors said in a statement.The company said it has also participated in Green Frontier Capital, India's first investment firm focused on growth companies, as part of this fundraising round with existing investors.The capital raised from the ongoing Series C expansion round will be used strategically to drive Euler Motors' All-India expansion projects as it plans to expand in 2023-24. to join 40 cities by the end of the financial year, the company said in a statement.The extension round takes the tally of total investments to about Rs 690 crore, it said."Euler Motors successfully raised Rs 120-crore in the ongoing series-C extension round," the company said in the statement.The additional funds, it said, will also enable the company to reinforce its service and charging network nationwide to further facilitate the adoption of electric vehicles across the country.
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