Ola Electric on Wednesday acquired the Netherlands-based Etergo BV, an innovative electric scooter company known for its award-winning AppScooter for an undisclosed sum, and announced its foray into the premium electric two-wheeler market, both globally and nationally.
Aiming to launch its global electric two-wheeler in India in 2021, Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions across cities with a focus on two and three wheelers, and aims to build a suite of electric and smart urban mobility solutions for citizens.
"With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer. We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India," explained Bhavish Aggarwal, Founder & Chairman, Ola Electric.
Founded in 2014, Etergo has developed an all-electric state-of-the-art AppScooter, which has won multiple awards across the world for its innovative design and engineering.
First revealed in 2018, the AppScooter uses swappable high energy density batteries to deliver a range up to 240 kms and class-leading acceleration.
"We are looking forward to joining Ola Electric and together, reimagining electric mobility to transform the way the world moves!" said Bart Jacobsz Rosier, Co-founder and CEO, Etergo BV.
With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric said it aims to transform the over 100 million-strong global two-wheeler market, including more than 20-million Indian two-wheeler market, into a clean energy, digital future.
The company has plans to set up extensive charging and swapping networks around the country.
This acquisition will further bolster Ola Electric's strong engineering and design capabilities with the Etergo team's extensive vehicle development experience with leading automotive companies like 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 is working with India's leading power distribution companies towards developing a conducive EV ecosystem through the establishment of battery swapping and charging stations in New Delhi.
Backed by several global investors including ride hailing major Ola, Ola Electric has also inducted renowned automobile industry veterans like BVR Subbu and Jaime Ardila to its board who bring in their deep industry expertise and global mobility experience.