BP’s Castrol to Invest $50M in Battery-Swapping Leader Gogoro

2024年6月26日

BP plc’s (BP) subsidiary, Castrol, a global leader in lubricant technology, announced a significant investment of up to $50 million in Gogoro Inc., a global technology leader in battery-swapping ecosystems for smart mobility solutions in urban areas. The investment marks a strategic move for Castrol as it seeks to diversify beyond its traditional lubricants and fluids business.

In the first tranche of the investment, Castrol Holdings, an affiliate of Castrol, will invest US$25 million in ordinary shares of Gogoro. A subsequent investment of $25 million in the form of a convertible note is also anticipated, subject to specific transactions being finalized as part of the companies’ business collaboration.

The initial investment will grant Castrol approximately 5.72% ownership of Gogoro’s outstanding ordinary shares. This move is a key component of Castrol’s new ‘Onward, Upward, Forward’ strategy, aimed at exploring new opportunities and expanding its business horizons.

Michelle Jou, CEO of Castrol, emphasized the significance of two-wheelers within the company’s global product lineup. She highlighted that as customers shift toward electric models, Castrol aims to play a crucial role in supporting this ecosystem. Jou noted Gogoro’s leadership in battery swapping for two-wheelers, framing Castrol’s investment in Gogoro as a strategic move to diversify its portfolio. This initiative aims to maintain relevance with customers, seize new opportunities to future-proof itshistoric 125-year-old brand and enhance shareholder value.

Gogoro is dedicated to accelerating the urban shift to sustainable two-wheel transportation in densely populated cities. Central to Gogoro’s vision is an open and interoperable battery-swapping platform, designed for lightweight two-wheeler and three-wheeler urban vehicles.

Horace Luke, founder and CEO of Gogoro, highlighted the transformative impact of the company’s battery-swapping platform and smart electric two-wheeler vehicles on urban environments. He expressed that Castrol’s investment highlights the success of Gogoro’s approach and will accelerate its expansion efforts.

This partnership between Castrol and Gogoro marks a significant step toward a more sustainable future in urban mobility, aligning with global trends toward electrification and smart city development.

Zacks Rank & Key Picks

BP currently carries a Zack Rank #3 (Hold).

Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. AROC, SM Energy Company SM and Sunoco LP SUN, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.

The Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.07. The company has a Zacks Style Score of A for Growth. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.

SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.

The Zacks Consensus Estimate for SM’s 2024 EPS is pegged at $6.63. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.

Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. SUN currently has a Value Score of A.

The Zacks Consensus Estimate for 2024 and 2025 earnings per unit is pegged at $7.29 and $7.17, respectively. The partnership has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.

Quelle:BP’s Castrol to Invest $50M in Battery-Swapping Leader Gogoro (yahoo.com)