Ola Electric acquires Etergo BV, a Netherlands-based electric scooter OEM

Ola Electric Mobility Pvt Ltd, the electric vehicle arm of Ola, has acquired Amsterdam-based Etergo BV, manufacturer of electric scooters.

This marks the entry of Ola Electric in the premium electric two-wheeler market. The company plans to manufacture these scooters.

Etergo was founded in 2014 and has developed an all-electric state-of-the-art ‘AppScooter’, first launched in 2018. The AppScooter utilises swappable high energy density batteries to deliver a range up to 240 km.

Though, this concept is still in early stage and Ola plans to introduce these electric scooters on Indian roads by the start of 2021, with manufacturing units set up in the country.

"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 is sold across the world compared to cars. With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer," said Mr Bhavish Aggarwal, founder and chairman, Ola Electric.

Mr Aggarwal confirmed that Ola will build engineering, design, and manufacturing capabilities for these products in India.

"We are looking forward to joining Ola Electric and together, reimagining electric mobility to transform the way the world moves!" said Mr Bart Jacobsz Rosier, co-founder and chief executive, Etergo BV.

With this acquisition, Ola Electric’s engineering and design capabilities will be enhanced, considering Etergo team’s vehicle development experience with automotive companies including Tesla, General Motors, Ferrari, Jaguar, and BMW.

Etergo’s team will continue to be based out of Amsterdam as they join Ola Electric.

Ola Electric has been planning to set up extensive charging and swapping networks around the country over the past year and is currently running various pilots to deploy electric vehicles and charging solutions across cities with a focus on two- and three-wheelers space.

According to the company, it claims to be working with power distribution companies for developing a beneficial EV ecosystem through the establishment of battery swapping and charging stations in the national capital.

In July 2019, Ola Electric became one of the fastest unicorns of the Indian start-up ecosystem after it raised over US$ 250 million from SoftBank, pegging the valuation of the entity to a little more than US$ 1 billion.

Apart from Softbank, Ola Electric is backed by the likes of Tata Sons chairman Emeritus Ratan Tata, Tiger Global, and Matrix India.

 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.