TAIPEI (Taiwan News) — Taiwanese electric scooter maker and battery-swapping infrastructure provider Gogoro said on Wednesday (Nov. 29) that it has been recognized by the Small Industries Development Bank of India (SIDBI) as eligible for electric vehicle (EV) financing programs in the South Asian country.
The announcement was made at the SIDBI-organized Micro, Small, and Medium Enterprises and Start-up Stakeholder Consultation Meeting in Delhi, which saw more than 350 startups attend. Through its “50D-EV4ECO” initiative, SIDBI is looking to encourage EV adoption across India, said Dr. R. K. Singh, chief general manager of SIDBI.
“As part of this initiative, SIDBI provides innovative financing facilities to strengthen the EV ecosystem for commercial uses through direct and indirect lending that enables enterprises to transition to electric mobility,” Singh added.
“This collaboration marks a significant step in creating a robust EV ecosystem in India by providing financing to support the transition to cleaner and greener transportation alternatives,” said Horace Luke (陸學森), CEO and founder of Gogoro.
This initiative makes Gogoro the first global electric two-wheel OEM and the first battery-swapping provider to qualify for empanelment with SIDBI. The recognition makes specific Gogoro electric two-wheelers eligible for SIDBI financial programs focused on EV penetration in India.
During its third-quarter earnings call on Nov. 16, Luke said after successful pilots in India and the Philippines, Gogoro was expecting to launch commercially in these markets by the end of the year.