Ola Electric acquires Amsterdam-based Etergo, to launch electric two-wheeler next year
Ola Electric Mobility (OEM) on Wednesday said it has acquired Amsterdam-based Etergo BV, a move that will help the Indian firm foray into the global premium electric two-wheeler market.
Ola Electric, without disclosing the deal value, said it aims to launch its electric two-wheeler in India in 2021, and the acquisition of Etergo will further bolster OEM’s engineering and design capabilities.
Etergo’s team will continue to be based out of Amsterdam, according to a statement.
Founded in 2014, Etergo has developed an all-electric ‘AppScooter’ that uses swappable high energy density batteries to deliver a range of up to 240 km.
“With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric aims to transform the over 100-million global two-wheeler market, including the over 20-million (units) Indian two-wheeler market, into a clean energy, digital future,” OEM said.
It added that electric two-wheelers are the most efficient and cleanest solution for urban mobility, which will become even more relevant in the post-COVID world.
OEM plans to set up extensive charging and swapping networks around India and is currently running several pilots to deploy electric vehicles and charging solutions across cities with a focus on two and three-wheelers, as per the statement.
“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,” OEM founder and Chairman Bhavish Aggarwal said.
He added that with electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world.
“We look forward to building the best global capabilities in engineering, design and manufacturing for these products to be made here in India,” he said.
OEM had received USD 250 million funding from SoftBank last year and raised Rs 400 crore in a funding round led by Tiger Global and Matrix India. The entity is also backed by Tata Sons’ Chairman Emeritus Ratan Tata.
Ola Electric was initially established to enable ride-hailing platform, Ola’s electric mobility pilot programme in Nagpur in 2017. In 2018, Ola announced its ‘Mission: Electric’ to bring one million electric vehicles (EVs) on Indian roads by 2021.
“We are looking forward to joining Ola Electric and together, reimagining electric mobility to transform the way the world moves,” Bart Jacobsz Rosier, co-founder and CEO of Etergo BV, said.