Castrol To Invest Up To $50 Mln In Gogoro

(RTTNews) - Castrol, a provider of automotive lubricants and part of the BP Plc. (BP.L, BP_UN.TO, BP), on Tuesday announced an investment of up to $50 million in Gogoro Inc. (GGR), a Taiwanese battery-swapping refueling platform. In the first tranche of the investment, Castrol Holdings, an affiliate of Castrol, will invest $25 million in Gogoro shares, followed by a second $25 million investment in the form of convertible notes.

The first tranche of investment will result in Castrol acquiring around 5.72 percent of Gogoro's shares.

Michelle Jou, CEO of Castrol, said: "...our investment in Gogoro is a strategic step towards diversifying our portfolio, remaining relevant in our customers' lives, embracing new opportunities to future-proof our iconic 125-year-old brand and to create additional value for our shareholders."