Hero To Increase Its Shareholding In The Startup
In accordance with its strategy for future mobility, the board of directors of Hero MotoCorp approved a fresh investment of Rs. 420 crore in Ather Energy. Hero’s present 34.8 percent share in the electric two-wheeler start-up would be increased by the additional investment, according to the business. However, Ather’s exact stake will be determined after the capital raise round is completed. Since 2016, the world’s leading two-wheeler manufacturer has been one of Ather’s initial investors and maintains one of the company’s largest interests.
Swadesh Srivastava, Head Of Emerging Mobility Business Unit, Hero MotoCorp, commented on the development, saying, “We’re working on a variety of emerging mobility solutions to support our mission of “Be the Future of Mobility.” We were one of the first investors in Ather Energy, and our relationship has grown over the years. We’ve been impressed with Ather Energy’s expansion in recent years. Our goal is to build on the Hero MotoCorp brand promise by making electric vehicle ownership more convenient, hassle-free, and rewarding for customers all around the world.” Apart from the investment, Hero MotoCorp said it is looking into possible collaborations with Ather Energy in areas such as charging infrastructure, technology, and sourcing. Since the former made its IPs public in order to promote an uniform charging system for two-wheelers in India, Ather and Hero have already partnered on unified charging solutions for electric two-wheelers.
The new investment also comes at a time when Hero MotoCorp is preparing to launch its own electric mobility endeavour. The company’s first electric car, which is being built at the company’s Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) in Munich, will be presented in March of this year. Hero’s manufacturing facility in Chittoor, Andhra Pradesh, will produce the new product. Hero has teamed with Taiwan-based Gogoro Inc. to build its EV ecosystem, which encompasses goods, technology, sales, service, customer care, operations, and innovation, in addition to Ather.
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