Taiwan-based Gogoro and Pune-based Belrise Industries have decided to part ways in their $2.5 billion or Rs 20,000 crore joint venture to build a smart energy infrastructure in Maharashtra. However, the former has decided to go solo in this project.
“The original intent of the MoU was to move forward with a JV (joint venture) negotiation between Gogoro and Belrise, however an agreement could not be reached,” said a Gogoro spokesperson.
However, Belrise has decided that not to go ahead with the battery swapping project, leaving its Taiwanese partner in the lurch.
The joint venture aimed at building a smart energy infrastructure in Maharashtra through a battery swapping system and smart battery stations which would become a leading source for mobility and energy storage.
The battery swapping infrastructure was expected to be deployed across Maharashtra in 2023, leveraging Gogoro’s energy ecosystem including battery stations, swapping technologies, network management solutions.
In June, Gogoro was presented with an offer letter from the Maharashtra government to enter into an ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs and battery swap stations. The deal would exceed $1.5 billion and include financial incentives and support from the state.
“Gogoro continues to form different partnerships across our broad value chain with a variety of partners. We are focused on commercializing our battery swapping system starting with Delhi NCR and Maharashtra,” the company further added.
The two companies, however, are still partners for manufacturing electric scooters where the Indian company is a key supplier for the new Gogoro CrossOver range.
Belrise has 14 manufacturing facilities overall and claims to have more than 32 clients including Bajaj Auto, Eicher Motors, Hero MotoCorp, Ashok Leyland, Tata Motors, Honda and Mahindra.
Its EV clientele includes Chetak Technologies, Ola Electric and Hero Electric. Chassis, suspension, exhaust system are among the many other parts manufactured by Belrise.
Gogoro forayed into India through the tie-up with Hero MotoCorp, India’s largest two-wheeler maker in 2021. Under the plan, Hero’s electric two-wheelers were to be powered by Gogoro’s battery swapping system. Both companies haven’t not announced any development of the project.