Ola Electric Mobility Pvt. Ltd, Ola’s electric vehicle arm, has purchased Etergo BV from Amsterdam, the electric scooter maker. This acquisition will allow Ola Electric to enter and produce these scooters in the premium two-wheel electric market. Established in 2014, Etergo has built a new, all-electric AppScooter, unveiled for the first time in 2018. The AppScooter offers a range of up to 240 km with high energy batteries.
Still in the conception stage, Ola plans, in early 2021 with manufacturing units set up in the region, to carry this electric scooter down Indian roads. “The prospect of mobility is electronics and in the post-COVID world, it is an opening for us to expedite the global adoption of electronics mobility. Nearly twice the amount of bi-wheeled cars sold around the world each year. Two-wheelers will continue to emerge as the world’s most common urban mobility model with electric, digitally connected capabilities.
Aggarwal announced that Ola will develop the capacity for these products in India in engineering, design, and development. Bart Jacobsz Rosier, Etergo BV, Co-Founder and Chief of Electric Mobility, said: “We are looking forward to joining Ola Electric and rethinking electric mobility to change the way the world goes!
ET reported earlier that the two key areas on which Ola has to focus are vehicles and infrastructure costs. Initially, Ola invested close to Rs 50 crore in a charge infrastructure project and received more than 200 electric vehicles, it is estimated by analysts. However, they noted that anything related to electricity would require a huge amount of creation of ecosystems, similar to Tesla in the US.
In view of Etergo’s experience in vehicle production in automotive companies like Tesla, General Motor, Ferrari, Jaguar & BMW, this acquisition is expected to improve Ola Electric’s engineering and design capabilities. The Etergo team remains based in Amsterdam, joining Ola Electric.
Over the past year, Ola Electric aims to set up comprehensive charging and swap networks across the country and currently runs a range of pilots with a focus on two- and three-wheel space to deploy electric vehicles and charging solutions across cities. Ola Electric is supported by Emeritus Ratan Tata, Tiger Global, and Matrix India, President of Tata Sons, apart from Softbank.
Last July, after raising 1,725 crores (approximately 250 million dollars) of SoftBank to a valuation of just over $1 trillion, Ola Electric became one of the fastest monotones of the Indian startup ecosystem.