Ayala, Globe’s 917Ventures, Gogoro team up to sell, distribute e-scooters in PH

Conglomerate Ayala Corp., Globe’s 917Ventures Inc., and Gogoro Network Pte. Ltd. have formed a joint venture to sell and distribute Gogoro’s electric scooters in the Philippines.

In a disclosure to the Philippine Stock Exchange on Friday, Ayala said the new joint venture firm, Gogoro Philippines Inc., was formed for the importation, sale, distribution, operation, management, and maintenance of Gogoro two-wheeled scooters with battery swapping technology, battery swapping stations for e-scooters, and after-sales services business in the country.

Under the deal, Ayala has a 21% stake in Gogoro Philippines, while 917Ventures holds a 49% share. The remaining 30% is under Gogoro Network Pte. Ltd. 

917Ventures is the corporate venture arm of Globe Telecom Inc., while Gogoro Network Pte. Ltd. is a wholly owned subsidiary of Nasdaq-listed e-scooter manufacturer Gogoro Inc.

The three parties are infusing a total of $8.5 million into Gogoro Philippines.

"Ayala has prioritized the electric mobility space as an area of growth, with interests in the entire EV ecosystem, including two-wheeled and four-wheeled electric vehicles, charging infrastructure, and the overall customer lifestyle," Ayala said.

"Recent developments in the global EV industry as well as in the local regulatory landscape have affirmed our belief that the transition to EVs is well underway and that the market in the Philippines is prime for disruption," it said.  — VBL, GMA Integrated News