Ola buys Etergo, to unveil electric scooter next year

New Delhi, May 27

Ola Electric Mobility (OEM) on Wednesday said it has acquired Amsterdam-based Etergo BV, a move that will help the Indian firm foray into the global premium electric two-wheeler market.

Ola Electric, without disclosing the deal value, said it aims to launch its electric two-wheeler in India in 2021, and the acquisition of Etergo will further bolster OEM’s engineering and design capabilities. Etergo’s team will continue to be based out of Amsterdam, according to a statement.

Founded in 2014, Etergo has developed an all-electric ‘AppScooter’ that uses swappable high energy density batteries to deliver a range of up to 240 km.

“With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric aims to transform the over 100-million global two-wheeler market, including the over 20-million (units) Indian two-wheeler market, into a clean energy, digital future,” OEM said.

It said electric two-wheelers are the most efficient and cleanest solution for urban mobility, which will become even more relevant in the post-Covid world.

“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 are sold across the world compared to cars,” OEM founder and chairman Bhavish Aggarwal said. — PTI

Plans extensive charging network

• Founded in 2014, Etergo has developed an all-electric ‘AppScooter’ that uses swappable high energy density batteries to deliver a range of up to 240 km
• It aims to transform the over 100-million global two-wheeler market, including the over 20-million (units) Indian two-wheeler market
• The company plans to set up extensive charging and swapping networks across the country.