The company’s board of directors has approved the investment in one or more tranches. Prior to the proposed investment, Hero MotoCorp’s ownership interest in Ather Energy was 34.8% (on a fully diluted basis). After the investment, the stake will increase and the exact stake will be determined at the end of the fundraising by Ather.
Swadesh Srivastava, Head of Emerging Mobility Business Unit, Hero MotoCorp, said, “In line with our ‘Be the Future of Mobility’ vision, we are working on a variety of emerging mobility solutions. We were one of the first investors in Ather Energy and have continued to grow our association over the years. We are delighted to see the growth of Ather Energy in recent years. Our goal is to extend the Hero MotoCorp brand promise and make electric vehicle ownership a convenient, hassle-free and rewarding experience for customers around the world.
Hero MotoCorp is an early investor in Ather Energy and has been part of its growth story since 2016. The company is also exploring collaborations with Ather Energy in various areas, such as charging infrastructure, technology and supply.
“Hero MotoCorp is addressing the emerging mobility opportunity holistically through a range of organic and inorganic initiatives,” the company said in a statement.
The announcement comes as Hero MotoCorp prepares to unveil its first electric vehicle in March this year. The vehicle is being developed at the company’s R&D facility – the Center for Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich – and will be produced at the manufacturing plant of company in Chittoor, South India. State of Andhra Pradesh.
Through its investments and partnerships with external partners like Ather Energy and Gogoro Inc., Hero MotoCorp is also working to build the entire EV ecosystem – from products to technology to sales. , service, customer care, operations and innovation.