Hero MotoCorp’s new investment of Rs. 420 crore in Ather Energy will further increase its shareholding in the Bengaluru-based start-up.
Hero MotoCorp board approved a new investment of ₹ 420 crore in Ather Energy, in line with its vision towards future mobility. The company said that the new investment will further increase Hero’s stake in the electric two-wheeler start-up from the current 34.8 per cent. However, the exact shareholding will be determined upon completion of capital raise round by Ather. The world’s largest two-wheeler maker has been one of the earliest investors in Ather since 2016 and holds one of the largest stakes in the company.
Commenting on the development, 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.”
Apart from its investment, Hero MotoCorp said that it is also exploring collaborations with Ather Energy in various spheres including charging infrastructure, technology and sourcing. Ather and Hero have already collaborated over unified charging solutions for electric two-wheelers, ever since the former made its IPs public for promoting a standardised charging system for two-wheelers in India.
The new investment also comes at a time when Hero MotoCorp is all set to venture into the electric mobility space on its own. The company’s first electric vehicle will be unveiled in March this year and is being developed at the company’s Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich. The new offering will be produced at Hero’s manufacturing facility in Chittoor, Andhra Pradesh. Apart from Ather, Hero has also partnered with Taiwan-based Gogoro Inc. for developing its EV ecosystem that includes products, technology, sales, service, customer care, operations and innovation.