Hero has approved a fresh sum of investment of up to Rs. 420 crore into Ather Energy; both brands will explore opportunities in various fields including EV tech together
Hero MotoCorp, the largest two-wheeler manufacturer in the world, has announced investing more in the Bengaluru-based EV startup, Ather Energy. As part of the “Be the Future of Mobility” strategy, Hero has approved a fresh sum of up to Rs. 420 crore into Ather, which is one of the electric two-wheeler makers in the country.
Midway through 2020, Hero invested Rs. 84 crore to raise its stake in Ather Energy and it has poured in a hefty sum of money for the fifth time into Ather and both the companies are exploring collaboration in various fields including charging infrastructure and EV technology. Hero is reportedly preparing to bring in its first electric scooter by March 2022.
Developed at the R&D facility in Jaipur in association with the tech centre in Germany, the forthcoming e-scooter will be rolled out of the brand’s Andhra Pradesh factory. Around three months ago, Hero announced utilising Ather Energy’s fast charging tech. Hero began investing in Ather Energy back in October 2016 as part of a Series B funding.
With recent investments, Hero’s stake in the EV startup will increase but the exact number will be determined upon completion of the capital raise. Hero continued to expand its association with Ather over the years as it looks to have a stronghold in the electric vehicle space upon its debut and last year, more than 1.43 lakh zero-emission two-wheelers were registered.
In May 2021, Hero MotoCorp and Gogoro announced a brand new partnership for India. Gogoro is a global leader in urban battery-swapping and smart mobility solutions, and a joint venture will bring the Taiwanese brand’s unique platform to India and the associated technologies involved with it. It will also enable electric vehicle development, powered by Gogoro Network.
The expertise from Ather Energy and Gogoro could help in Hero making a strong statement in the zero-emission two-wheeler space in India, and reports suggest that the Ather scooter could be sold from Hero’s wide network of dealerships as well in the near future.