Hero MotoCorp to invest Rs 420 crore in Ather Energy
With this the total investment by Hero MotoCorp in Ather Energy will go up to Rs 500 crore.
Hero MotoCorp is looking to accelerate its e-mobility plans and is leaving no stone unturned to ensure aggressive play in the coming months. As part of its vision - ‘Be the Future of Mobility’, the company has announced a new investment of up to Rs 420 crore in Ather Energy.
The company’s board has approved the investment in one or more tranches. Hero MotoCorp, which first invested in the Bangalore-based EV start-up in October 2016, in Series B funding, and invested Rs 84 crore more in July 2020 to hike its stake in Ather to 34.58%, has also invested $12 million (Rs 89 crore) as a part of the Series D round in Ather Energy. Post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of capital raise round by Ather.
Swadesh Srivastava, Head – Emerging Mobility Business Unit, Hero MotoCorp said, “In keeping with our vision 'Be the Future of Mobility', we are working on a variety of emerging mobility solutions. We were one of the early investors in Ather Energy and have continued to expand our association over the years. We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.”
Hero MotoCorp is an early investor in Ather Energy and has been a part of its growth story since 2016. The company is also exploring collaborations with Ather Energy in various spheres, such as charging infrastructure, technology and sourcing.
The OEM says it is addressing the emerging mobility opportunity in a comprehensive manner through a range of organic and inorganic initiatives.
It is also gearing up to unveil its first electric vehicle (EV) in the month of March this year. The vehicle is being developed at the company’s R&D set-up – the Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich – and will be produced at the company’s manufacturing facility at Chittoor in the Andhra Pradesh.
Through its investments and partnerships with external partners like Ather Energy and Gogoro Inc., Hero MotoCorp is also working towards building the entire EV ecosystem – from products to technology, to sales, service, customer care, operations, and innovation.
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