Ola Electric, an EV business backed by ride-haling service Ola, has acquired Amsterdam-based Etergo, an electric scooter OEM. Etergo is known for its all-electric state-of-the-art AppScooter vehicle that has won many awards at tech events last year. The company aims to use AppScooter design and engineering capabilities to build its own smart electric two-wheeler for global and domestic markets. Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions across cities with a focus on 2 and 3 wheelers, and looks to launch its first two-wheeler in 2021 in the country.
Ola Electric feels that the need for cleaner automobiles will be more imperative in the post COVID-19 world. Etergo's AppScooter comes with swappable high energy density batteries that claim to deliver a range of up to 240kms and class-leading acceleration. The company claims that the electric scooter is capable of going from zero to 45kms per hour in just 3.9 seconds. The Appscooter has a digital coloured display touchscreen for accessing apps and navigation. It also comes with large 50 litre storage facility. Ola looks to leverage from this award-winning AppScooter technology and build its own smart two-wheeler to ply on Indian and global roads.
The financial details of the acquisition have not been announced, but the team at Etergo has been absorbed into Ola Electric's umbrella. To spearhead the initiative, the company has brought automobile industry veterans like BVR Subbu and Jaime Ardila to its board.
The company is working with the country's leading power distribution companies for developing a viable electronic vehicle ecosystem through the establishment of Battery Swapping and Charging Stations in New Delhi. To recall, Tiger Motors, Matrix Partners, and even Rata Tata have invested in Ola Electric.
Meanwhile, Ola has suffered greatly during the lockdown. The company has had to let go of 1,400 employees after it saw a 95 percent drop in its revenues over the past two months due to the pandemic.
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