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Ola Electric acquires Netherland-based scooter-maker Etergo

Bhavish Aggarwal, Co-Founder & CEO, Ola | File

Bhavish Aggarwal, Co-Founder & CEO, Ola | File   | Photo Credit: Paul Noronha

While the company did not share the financial details of the deal, according to industry estimates, Etergo was valued at about $80-85 million last year

Ola Electric Mobility on Wednesday said it has acquired Amsterdam-based electric scooter-maker Etergo, while also announcing its foray into the premium electric two-wheeler market.

The company in a statement said it would leverage Etergo’s design and engineering capabilities to build its smart electric two-wheeler for international and Indian markets. While the company did not share the financial details of the deal, according to industry estimates, Etergo was valued at about $80-85 million last year.

Bhavish Aggarwal, Founder & Chairman, Ola Electric, said, “The future of mobility is electric, and the post-COVID-19 the world presents an opportunity for us to accelerate the adoption of electric mobility globally.” He added that every year, almost twice the number of two-wheelers were sold across the world compared to cars. With electric, digitally connected capabilities, two-wheelers would further emerge as the most preferred urban mobility paradigm around the world and empower every consumer.

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

Etergo was founded in 2014 and has developed an all-electric state-of-the-art AppScooter that has won multiple awards for its innovative design and engineering. First unveiled in 2018, the AppScooter uses swappable high energy density batteries to deliver a range up to 240 km and class-leading acceleration.

India launch in 2021

Ola Electric aimed to launch its global electric two-wheeler in India in 2021. This acquisition would also bolster its engineering and design capabilities with the Etergo team’s extensive vehicle development experience with leading automotive companies such as Tesla, General Motors, Ferrari, Jaguar, and BMW, the company said, adding that Etergo’s team would continue to be based out of Amsterdam as they joined Ola Electric.

“Ola Electric has been working towards building the electric vehicle ecosystem to enable ‘clean kilometers’ at scale. With plans to set up extensive charging and swapping networks around the country, Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions across cities with a focus on 2 and 3 wheelers,” the company said.

Bart Jacobsz Rosier, Co-founder & CEO, Etergo BV, said, “Ola is one of the world’s most admired mobility companies and has led the way for many innovations in the space, including its bold ambition for electric mobility. We are looking forward to joining Ola Electric and together, reimagining electric mobility to transform the way the world moves.”

Ola Electric is already working with India’s leading power distribution companies towards developing a conducive EV ecosystem through the establishment of battery swapping and charging stations in New Delhi.

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Printable version | Jul 9, 2020 1:08:38 AM | https://www.thehindu.com/business/ola-electric-acquires-netherland-based-scooter-maker-etergo/article31684428.ece

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