Ola Electric buys Dutch scooter company Etergo
Ola will leverage Etergo’s design and engineering capabilities to build its smart electric two-wheeler product.
Cab aggregator Ola’s electric mobility unit Ola Electric acquired Amsterdam based Etergo BV as it looks to launch its own two-wheelers both in India and globally next year. These electric vehicles will be manufactured in India.
The Bengaluru based company will leverage Etergo’s design and engineering capabilities to build its smart electric two-wheeler product. This acquisition will further bolster Ola Electric’s strong engineering and design capabilities with the Etergo team’s extensive vehicle development experience with leading automotive companies like Tesla, General Motors, Ferrari, Jaguar, and BMW.
Ola did not reveal the terms of the deal, but Etergo was valued at around $90 million in its previous financing round. Etergo’s scooter use swappable, high energy density batteries that give it a range of up to 240 km.
Bhavish Aggarwal, Founder and Chairman, Ola Electric, said: “The future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally.”