Hero MotoCorp to invest Rs 420 crore in Ather Energy
Hero MotoCorp is ramping up its e-mobility plans. 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 Bengaluru-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 percent, has also invested $12 million (Rs 89 crore) as a part of the Series D round in Ather Energy. Following this investment, Hero’s shareholding will increase, and the exact shareholding will be determined upon completion of the 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 has been 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 in various spheres, such as charging infrastructure, technology, and sourcing.
The manufacturer says it is addressing the emerging mobility opportunity in a comprehensive manner, through a range of organic and inorganic initiatives.
Hero MotoCorp is also gearing up to unveil its first electric vehicle (EV) in March this year. The vehicle is being developed at the company’s R&D set-up – the Centre of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TCG) near Munich – and will be produced at its manufacturing facility at Chittoor in 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.