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Gogoro is First Foreign Two-wheel Vehicle OEM and Battery Swapping Provider to be Recognized by the Small Industries Development Bank of India (SIDBI)
SIDBI recognition makes specific Gogoro vehicles eligible for SIDBI financial programs that are focused on increasing EV penetration in India. SIDBI is the
About this update from Gogoro Inc.
[{"type":"text","content":"SIDBI recognition makes specific Gogoro vehicles eligible for SIDBI financial programs that are focused on increasing EV penetration in India.\nSIDBI is the principal financial institution set up in 1990 under an Act of India's Parliament for the promotion, financing, and development of the Micro, Small and Medium Enterprise (MSME) sectors.\nDELHI, India, Nov. 29, 2023 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced it has been recognized by the Small Industries Development Bank of India (SIDBI) as an empaneled OEM making its registered vehicles eligible for SIDBI's EV financing programs. The announcement was made at the Micro, Small & Medium Enterprises (MSME) & Start-up Stakeholder Consultation Meeting, organized by SIDBI in Delhi that engaged more than 350 start-ups.\n\n \n \n \n \n \n \n\n \n\"SIDBI's \"50K-EV4ECO\" flagship mission is to foster electric vehicle adoption across India,\" said Dr. R. K Singh, Chief General Manager of SIDBI. \"As part of this initiative SIDBI provides innovative financing facilities to strengthen the EV ecosystem for commercial uses through direct and indirect lending that enables enterprises to transition to electric mobility.\"\nSince its formation in 1990, SIDBI has been impacting the lives of India's citizens across various aspects of society through its integrated, innovative and inclusive approach. Be it traditional domestic industry, small, bottom-of-the-pyramid entrepreneurs, medium enterprises to high-end knowledge-based industries and export promotions, SIDBI has directly or indirectly touched the lives of more than 36 million people in the medium and small enterprises sector, through various credit and developmental measures.\n\"This collaboration marks a significant step in creating a robust EV ecosystem in India by providing financing to support the transition to cleaner and greener transportation alternatives,\" said Horace Luke, CEO and founder of Gogoro. \"The Government of India, under its EV30@30 mission, is taking meaningful steps forward to accelerate EV adoption. Initiatives like this help two-wheel EV buyers and fleet operators secure financial assistance at better terms to adopt Gogoro vehicles and battery swapping.\"\nGogoro has been at the forefron...