Ola electric acquires an Amsterdam based Appscooter company Etergo, which is an EV maker with intents to make a safe & clean environment & ‘carbon emission free’ rides.
- Etergo had a net worth of $90 Million.
- Ola will launch its own range of Electric two wheelers soon.
- Etergo will share State of art tech with Ola electric.
The acquisition delivers Ola electric all the state of the art technology , design & mechanism of Etergo. The amount of the deal is not revealed by the ola.Before acquisition the net worth of Etergo estimated approx $90 mn It is a 2015 founded firm with operation based in Netherland.Appscooter is a fully technology enabled EV with Apps & GPS in built.It uses high density battery with range upto 240 km .Etergo is so good in electric scooters that it is also called as “Tesla of electric scooters”.
On this acquisition CEO of ola BHAVISH AGGARWAL said :
The future of mobility is electric, and the post-COVID-19 the world presents an opportunity for us to accelerate the adoption of electric mobility globally.
Ola’s Past Experience With Electric :
Apart from this,Ola electric is a part of Mission Electric project by GoI which is India’s first Multimodal EV project launched in 2017. It was started on a pilot basis in Nagpur backed with the infusion of investment from Softbank.Now that, Ola Electric acquires Etergo, former will start the production of electric two wheeler from 2021. The Amsterdam based Etergo team will soon join hands in the escalation of the EV production.This acquisition by Ola Electric of Etergo Appscooter company will definitely boost the culture of electric in India.Undoubtedly,such acquisitions are going to lower the overall emissions in India.
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