Gogoro Inc. · NASDAQ:GGR
Gogoro — SPAC Merger (September 2021)
52 slides from Gogoro's SPAC merger presentation, Sep 16, 2021
Slide 1: Gogoro press release excerpt: transforming urban mobility
“Gogoro is transforming urban mobility in the world’s most densely populated cities by changing how people use and share portable energy. Since launching in 2015, Gogoro battery swapping has handled more than 200 million battery swaps and saved over 300 million kilograms of CO2. Building o ff of this
Slide 2: Partners, Investors and Leadership
Partners, Investors and Leadership Gogoro’s current portfolio of vehicle maker partners include Hero MotoCorp, Yadea, Dachangjiang (DCJ), Yamaha, Tailing eReady (a joint venture with Suzuki in Taiwan), AeonMotor, PGO and CMC eMOVING. These partners are part of the Powered By Gogoro Network (PBGN) pr
Slide 3: Swap&Go: Refueling electric vehicles in seconds
Slide 4: Disclaimer
Confidential 2021 2 Disclaimer THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, REPRODUCTION, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR IN OR INTO OR FROM ANY JURISDICTION WHERE SUCH RELEASE, REPRODUCTION, PUBLICATION
Slide 5: Disclaimer (Continued)
Confidential 2021 3 Disclaimer (Continued) The communication of this presentation is restricted by law; in addition to any prohibitions on distribution otherwise provided for herein, this presentation is not intended for distribution to, or use by any person in, any jurisdiction where such distribut
Slide 6: Disclaimer (Continued)
Confidential 2021 4 Disclaimer (Continued) This presentation contains financial forecasts for the Company with respect to certain financial results for the Company’s fiscal years 2021 through 2024 for illustrative purposes. Neither PPGH’s nor the Company’s independent auditors have audited, studied,
Slide 7: Disclaimer (Continued)
Confidential 2021 5 Disclaimer (Continued) Industry and Market Data: This presentation also contains information, estimates and other statistical data derived from third party sources. Such information involves a number of assumptions and limitations and due to the nature of the techniques and metho
Slide 8: Risk Factors
Confidential 2021 6 Risk Factors The risks presented below are certain of the general risks related to Gogoro Inc.’s (“Gogoro”) business and industry and the proposed transaction and are not exhaustive. The list below is qualified in its entirety by disclosures to be contained in future filings by G
Slide 9: Risk Factors (continued)
Confidential 2021 7 • Gogoro faces substantial political risks associated with doing business in Taiwan and in the People’s Republic of China, including obtaining certain approvals from the Investment Commission of the Ministry of Economic Affairs in Taiwan, particularly due to the relationship betw
Slide 10: Presenters
Confidential 2021 Presenters 8 Horace Luke Founder, CEO and Chairman Bruce Aitken CFO Homer Sun CEO
Slide 11: Transaction Overview
Confidential 2021 Transaction Overview 9 Extensive Due Diligence Conducted by Poema Global • Interviews with senior management of key OEM partners and the China joint venture operating company • Review of China competitive landscape including extensive local expert discussions and on-the-ground visi
Slide 12: Pit ciety Wh
Pit ciety Wh
Slide 13: Mission & Beliefs
Confidential 2021 11 Electric mobility adoption is inevitable Two wheelers will drive faster global electric adoption Swap & Go is essential for urban centers Gogoro has best-in-class, proven technology and platform We have the right partnerships for fast expansion Put smart, swappable electric powe
Slide 14: Investment Highlights
Confidential 2021 12 Large & growing market opportunities 1 Differentiated technology & best-in-class user experience 2 Proven in Gogoro’s first market, Taiwan 3 Ready to scale with attractive recurring revenue model 4 With leading partners in the largest two-wheel markets 5 Via a seasoned managemen
Slide 15: >500M Riders Need a Better Solution
Slide 16: Massive Sales of New/Refresh PTW Vehicles Creates a Large TAM Opportunity
Massive Sales of New/Refresh PTW Vehicles Creates a Large TAM Opportunity Confidential 2021 14 1 MARKET OPPORTUNITY Energy Vehicles 63M Units 2020 Core Market1 PTW Sales2 Notes: 1. Core market defined as Taiwan, China and India. 2. Data Communications Branch (Chunghwa Telecom Co., Ltd.), Morgan Stan
Slide 17: 2-Wheelers Are the Vehicle of Choice in Asia
Confidential 2021 2-Wheelers Are the Vehicle of Choice in Asia 15 1 MARKET OPPORTUNITY PTW Penetration of Total Vehicles (%)1 Notes: 1. Taiwan Transportation Vehicle Manufacturers Association, Marklines. China India Taiwan Indonesia Vietnam USA 3% 91% 87% 80% 82% 37% Vast majority of PTW are concent
Slide 18: Battery Swapping Is the Ideal Solution for Mass Adoption of EV Two-Wheelers
Battery Swapping Is the Ideal Solution for Mass Adoption of EV Two-Wheelers in Densely Populated Cities Confidential 2021 16 2 TECHNOLOGY DIFFERENTIATION Key Market Participants Turn-over Global Market Notes: 1. Data Communications Branch (Chunghwa Telecom Co., Ltd.), Morgan Stanley research, and iR
Slide 19: Gogoro's Battery Swapping Solution Addresses the Needs of the Consumer
Gogoro’s Battery Swapping Solution Addresses the Needs of the Consumer in Every Way Confidential 2021 17 2 TECHNOLOGY DIFFERENTIATION >100x faster than traditional charging Limitless Range Proven Safe Time Saving Battery swapping removes range anxiety Countries such as China are introducing bans on
Slide 20: Full Vertical Integration Creates Unique, Best-in-Class User Experience
Full Vertical Integration Creates Unique, Best-in-Class User Experience Confidential 2021 18 2 TECHNOLOGY DIFFERENTIATION Fully Connected Upgradable, and Secured Smart Vehicles Powertrain Technology Advanced All-Digital E-Powertrain with 125cc Performance Smart Battery Designed for Swapping Smart, P
Slide 21: Seamless Customer Engagement via In-App Experience
Confidential 2021 Quick Access Remotely check vehicle status and battery levels, or unlock scooter and trunk with a tap. Customization Update sound profiles, lighting effects, and vehicle performance through the app. Swap and Go Easily find a GoStation with fully charged batteries near you or your d
Slide 22: Widely Recognized Across the Industry as a Leader
Confidential 2021 20 2 TECHNOLOGY DIFFERENTIATION Widely Recognized Across the Industry as a Leader in ePTW and Battery Swapping Technology “But the big deal about Gogoro isn’t necessarily the scooter itself - though it is very nice looking. The thing that’s most interesting about the company is its
Slide 23: Drivetrain Technology Platform Enables Multi-Brand PBGN Vehicle Development
Confidential 2021 21 2 TECHNOLOGY DIFFERENTIATION Our systems makes building Swap & Go ready vehicles more economical, faster, and more reliable for partners. x12 x2 x7 x4 x2 TBA TBA TBA Digital Drivetrains & Critical Components Interface Kit SUZUKI MOTOR TAIWAN Powered by Gogoro Network Design, Eng
Slide 24: Patented Battery Technology Designed for Swapping
All Supported by Industry Leading, Patented Battery Technology Designed for Swapping Confidential 2021 22 2 TECHNOLOGY DIFFERENTIATION High Energy Density High Energy Density in a compact, portable form-factor. Safety First Gogoro Smart Batteries meets the highest safety standards in the world. Lead
Slide 25: Smart, Scalable, Modular Swap Stations
Deployed via Smart, Scalable, Modular, Easy To Install Swap Stations Confidential 2021 23 2 TECHNOLOGY DIFFERENTIATION Modular Design Easy to install, all-in-one module, makes deployment in new cities or expansion within a city quick and easy. Intelligent Charging Charging speed varies based on data
Slide 26: Proprietary Network Optimized to the Battery-Level
Underpinned by a Proprietary Network, Optimized to the Battery-Level for Cost/Performance Confidential 2021 24 Advanced battery tracking Monitoring of battery health, degradation, and usage across our network, for each of our 800,000+ batteries. Micro-management through A.I. Incorporate real-time da
Slide 27: Taiwan: The Perfect Place To Pilot Our Platform
Slide 28: Battery Swapping Quickly Replaced Charging as the Preferred Refueling Option
Once Gogoro Battery Swapping Launched, It Quickly Replaced Charging as the Preferred Refueling Option for EV Adoption Confidential 2021 3 AT SCALE IN TAIWAN 26 2,000+ locations 839K batteries deployed 200M+ swaps to date ~250K swaps daily 3.6B km ridden 404K subscribers Gogoro + PBGN Marketshare in
Slide 29: Highly Recurring
Slide 30: Hardware Sales Create a Long-Tail of Subscription Revenue
Gogoro’s Hardware Sales Create a Long-Tail of Battery Swapping Subscription Revenue Confidential 2021 28 4 RECURRING REVENUE MODEL Recurring Accumulating Super Sticky 10+ Years lifecycle Predictable Growing Gogoro Smartscooter® Smart Battery GoStation™ Enabling Hardware Sales 1 Gogoro Branded Smarts
Slide 31: Designed To Drive Recurring Subscription Business
Confidential 2021 All Designed To Drive Gogoro’s Recurring Subscription Business 29 4 RECURRING REVENUE MODEL Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total Revenue Cumulative Customer Lifetime Value1 Taiwan Scooter Sale (Revenue) 68% Notes: 1. Lifetime value assumes 10
Slide 32: 100% Attach Rate Accumulates Recurring Revenue of New Users
Confidential 2021 30 4 RECURRING REVENUE MODEL 100% Attach Rate1 Powerfully Accumulates Recurring Revenue of New Users $35 Expected 2022 Full Year Contribution $14 $21 $7 $27 $27 $11 $40 $39 $41 $16 $20 $20 $21 $21 $7 $9 $9 $9 $9 $9 2018A 2019A 2020A 2022 Cohort $35 2021 Cohort $21 2020 Cohort $27 2
Slide 33: Expansion On The Way
Slide 34: International Expansion Begins With China & India
Confidential 2021 32 5 INTERNATIONAL EXPANSION International Expansion Begins With China & India 2021 TBA Global Expansion Phases 2022 1 2 3 NOW 2015 Taiwan 2021 China 2022 India TBA SEA TBA Beyond 1 2 3 Lead Markets First Establishing a foundation in China and India positions us to expand globally
Slide 35: Opportunity To Replicate Taiwan's Success in China & India
Confidential 2021 33 Significant Opportunity To Replicate Taiwan’s Success in China & India 5 INTERNATIONAL EXPANSION d d d Taiwan China India Notes: 1. World Electric Vehicle Journal Vol 3, iResearch Report, Morgan Stanley Research 2. Data Communications Branch (Chunghwa Telecom Co., Ltd.), Morgan
Slide 36: Aided by Policy Tailwinds in Large Markets
Confidential 2021 Aided by Policy Tailwinds in Large Markets 34 China India Gogoro can help meet China's safety & sustainability goals faster. Gogoro can help India leap-frog the plug-in-charging phase of electrification. 5 INTERNATIONAL EXPANSION Note: 1. NITI Aayog, RMI. Drive towards lithium batt
Slide 37: Partners Committed to Battery Swapping With Gogoro
Confidential 2021 Partners Committed to Battery Swapping With Gogoro 35 5 INTERNATIONAL EXPANSION Leading Vehicle OEMs in China Leading Vehicle OEM in India Dong Jinggui Chairman Li Jianjun Executive Director of the Board World #1 Electric 2W Maker 23% China ePTW Marketshare China’s #1 ICE 2W Maker
Slide 38: International Expansion via SwapCos With Top Local OEMs and Investors
International Expansion via SwapCos With the Top Local OEMs and Investors Confidential 2021 36 5 INTERNATIONAL EXPANSION SwapCo Model Local Partner Contribution • Distribution and brand • Consumer acquisition and marketing • Local support and operations • Equity investment Gogoro Contribution • Enab
Slide 39: 2021-2022 Launch Priorities & Immediate Plans
Confidential 2021 2021-2022 Launch Priorities & Immediate Plans 37 5 INTERNATIONAL EXPANSION China India • Joint venture entity established by Yadea and Dachangjiang in 2020 • Joint venture funded in early 2021 • Initial cities for roll-out identified and surveyed • SwapCo stafed and preparing for l
Slide 40: Fast Expansion Requires a Supply Chain Partner That Can Scale Quickly
Confidential 2021 Fast Expansion Requires a Supply Chain Partner That Can Scale Quickly 38 5 INTERNATIONAL EXPANSION Young Liu Chairman “As the world embraces smart electric transportation in new ways, a key challenge is how to introduce these new innovative options to people in every corner of the
Slide 41: Management Team & Board
Confidential 2021 Michael Splinter Gogoro, Independent Board Member Nasdaq, Chairman TSMC, Independent Board Member Yoshi Yamada Gogoro, Independent Board Member Management Team & Board Head of Giga Factory EVP Hui-Ming Cheng Gogoro, Independent Board Member CFO EVP CEO Horace Luke Founder, CEO and
Slide 42: Gogoro Financials
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Slide 43: Revenue Growth Driven by Proven Playbook With HaaS Revenue
Revenue Growth Driven by Proven Playbook With HaaS Revenue Growing With Subscriber Accumulation Confidential 2021 41 GOGORO FINANCIALS Notes: 1. Taiwan subscription revenue + a percentage of revenues from China and India subscription services. 2. Sales of component kits to OEMs as well as sales of n
Slide 44: Sales Projections Are Conservative Vs. Partner Ambitions
Confidential 2021 Projected PBGN Sales (in thousand units) '- 3,500 7,000 10,500 14,000 2020A Yadea + DCJ 2021E 2022E 2023E 2024E 1,162 362 75 5 12,691 As % of Yadea + DCJ’s 2020A Sales '- 1,500 3,000 4,500 6,000 2020A Hero Motocorp 2021E 2022E 2023E 2024E 175 46 5 0 5,800 Sales Projections Are Cons
Slide 45: Attractive and Credible Long-Term Financial Model
Confidential 2021 Attractive and Credible Long-Term Financial Model GOGORO FINANCIALS 43 2019A 2020A 2021E 2022E 2023E 2024E 2021E - 2024E CAGR Consolidated Revenue ($M) 470.9 374.1 326.9 500.2 925.1 1,709.0 73.5% Hardware Revenue ($M)2 419.7 286.3 222.3 365.5 746.4 1,455.4 Battery Swap Revenue ($M)
Slide 46: Transaction Overview
Slide 47: Transaction Overview
Confidential 2021 45 TRANSACTION OVERVIEW Transaction Overview1,2 78.7% Existing Shareholder’s Equity Rolled $2,004 Poema Global Cash in Trust3 345 PIPE 150 Sponsor Commitment 25 Existing Cash on Balance Sheet4 243 Total Sources $2,767 Existing Shareholder’s Equity Rolled $2,004 Cash to Balance Shee
Slide 48: Introducing the Selected Comparable Universe
Confidential 2021 Introducing the Selected Comparable Universe EV Charging Networks + _ Build, own and operate charging solution with adjacent revenue prospects Reliant on usage / advertisement with limited upfront revenue EV Charging Technology + _ 80% hardware, 20% software split with longer-term
Slide 49: Operational Benchmarking
Confidential 2021 Operational Benchmarking Gogoro ChargePoint Stem EVBox Evgo Volta Industries Peloton Roku US / EURO OEM China OEM PTW EV OEMs 13% 6% 14% 15% 12% 12% 3% 1% 18% 0% 16% Gogoro ChargePoint Stem EVBox Evgo Volta Industries Peloton Roku US / EURO OEM China OEM PTW EV OEMs 18% 52% 149% 34
Slide 50: Valuation Benchmarking
Confidential 2021 Valuation Benchmarking 11.6x 78.6x 36.2x 80.3x 44.2x 43.0x 0.0x 0.0x 46.3x 0.0x 16.0x 1.2x 5.2x 7.3x 11.7x 5.3x 5.1x 20.9x 3.2x 8.2x 17.1x 2.5x EV / CY2023E EBITDA (x) EV / CY2023E Revenue (x) Implied 48 TRANSACTION OVERVIEW 19% 30% 8% 15% 100% 92% 28% 88% ~0% ~0% ~0% Implied Globa
Slide 51: Expected 2023 Valuation Based on Comparable Multiples
Confidential 2021 Expected 2023 Valuation Based on Comparable Multiples Discounted 2 Periods at 20% Rate Pro Forma Enterprise Value Compelling Valuation Offering Significant Future Upside CY22 Multiple 6.7x Low Gogoro Revenue (2024E) $1,709 49 High TRANSACTION OVERVIEW ~65% Discount to Midpoint 3 1
Slide 52: Gogoro Script for Slides
Exhibit 99.3 Gogoro Company Presentation Script for Slides 09.10.21