Gogoro Inc. · NASDAQ:GGR
Gogoro — SPAC Merger (September 2021)
50 slides from Gogoro's SPAC merger presentation, September 2021
Slide 1: Swap & Go: Refueling electric vehicles in seconds
® Swap & Go Refueling electric vehicles in seconds Confidential 2021 1
Slide 2: Disclaimer
Disclaimer About this Presentation: For the purposes of this notice, the “presentation” that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of Poema Global Holdings Corp. (“PPGH”) or Gogoro Inc. (the “Company” or “Gogoro”) or any p
Slide 3: Disclaimer (Continued)
Disclaimer (Continued) required to make a full analysis of the Company, PPGH or the Proposed Transactions. You should make your own evaluation of the Company, PPGH or the Proposed Transactions and of the relevance and adequacy of the information and should make such other investigations as you deem
Slide 4: Disclaimer (Continued)
Disclaimer (Continued) qualified in their entirety by the cautionary statements above. Neither the independent registered public accounting firm of PPGH nor the independent registered public accounting firm of the Company have audited, reviewed, compiled, or performed any procedures with respect to
Slide 5: Disclaimer (Continued)
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 methodologies used in mar
Slide 6: Risk Factors
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 Gogoro or by third pa
Slide 7: Risk Factors (Continued)
Risk Factors (Continued) • Gogoro faces substantial political risks associated with doing business in the event that Gogoro fails to successfully defend any such claims, Risks Relating to Disclosures and the Business Combination: Taiwan and in the People’s Republic of China, including obtaining cert
Slide 8: Presenters
Presenters PRINCEVILLE gogoro. gogoro. PRINCEVIME a Horace Luke Bruce Aitken Homer Sun Founder, CEO and Chairman CFO CEO ATC HE Microsoft amazon (intel) Morgan Stanley 90gOV0. Confidential 2021
Slide 9: Transaction Overview
Transaction Overview About Gogoro and Poema Global Summary of Transaction • Founded in 2011, Gogoro has built the world’s leading battery swapping network and best-in-class electric two-wheelers. Core enabling components • Gogoro shareholders are rolling 100% of their equity of Gogoro’s vehicles can
Slide 10: Gogoro Overview
Gogoro Overview Confidential 2021 10
Slide 11: Mission & Beliefs
M I SS I ON & BE LI E FS Put smart, swappable electric power in reach of every urban rider in the world. More people commute on two wheels globally. They are integral to the way people live, work, and play in our target markets. We Believe Electric mobility adoption is inevitable Two wheelers will d
Slide 12: Investment Highlights
Investment Highlights 1 Large & growing market opportunities 2 Differentiated technology & best-in-class user experience 3 Proven in Gogoro’s first market, Taiwan ® 4 Ready to scale with attractive recurring revenue model 5 With leading partners in the largest two-wheel markets 6 Via a seasoned mana
Slide 13: >500M Riders Need a Better Solution
1 M A RKE T OPP ORTU N IT Y >500M 1 Riders Need a Better Solution. Notes: 1. Total volume of vehicles in core markets of Taiwan, China, India; World Electric Vehicle Journal Vol 3, iResearch report, Morgan Stanley research. Confidential 2021 13
Slide 14: Massive Sales of New/Refresh PTW Vehicles Creates a Large TAM Opportunity
1 M AR K E T OPP ORTU NIT Y Massive Sales of New/Refresh PTW Vehicles Creates a Large TAM Opportunity Vehicles Energy 63M Units 500M Users With Increasing Transition Looking for Easier Electric to Electric Options Ownership Experience 2020 Core Market1 2020 Core Market1 PTW Sales2 PTW on the Road3 N
Slide 15: 2-Wheelers Are the Vehicle of Choice in Asia
1 M AR K E T OPP ORTU NIT Y 2-Wheelers Are the Vehicle of Choice in Asia PTW Penetration of Total Vehicles (%)1 Vast majority of PTW 91% are concentrated in 87% 82% 80% urban centers 37% 14 8 World’s most World’s most Populated cities Congested cities 3% are in Asia are in Asia China India Taiwan In
Slide 16: Battery Swapping Is the Ideal Solution for Mass Adoption of EV Two-Wheelers
2 TEC HN OLOGY D I FFE R ENT IAT ION Battery Swapping Is the Ideal Solution for Mass Adoption of EV Two-Wheelers in Densely Populated Cities 63M 1 Full Power in MANY:1 SECONDS Core Market PTW sales (2020) 2W Global Market Space Efficiency Turn-over Key Market Participants 78M 2 1:1 Full Power in Glo
Slide 17: Gogoro's Battery Swapping Solution Addresses the Critical Needs of Consumers
2 TEC HN OLOGY D I FFE R ENT IAT ION Gogoro’s Battery Swapping Solution Addresses the Critical Needs of Consumers Range Time Safety Cost Limitless Range Time Saving Proven Safe Affordable SEC VS HRS $ $ Battery swapping >100x faster than Complies with international Price parity at purchase and remov
Slide 18: Full Vertical Integration Creates Unique, Best-in-Class User Experience
2 TEC HN OLOGY D I FFE R ENT IAT ION Full Vertical Integration Creates Unique, Best-in-Class User Experience Fully Connected Advanced All-Digital Smart, Powerful Cloud-Connected AI-Driven Operating Upgradable, E-Powertrain with Portable LEV Battery Battery Management System and User and Secured 125c
Slide 19: Seamless Customer Engagement via In-App Experience
2 TEC HN OLOGY D I FFE R ENT IAT ION Seamless Customer Engagement via Intuitive, Comprehensive In-App Experience BLUE MIX Quick Access Customization Swap and Go Diagnostics …And Others Remotely check vehicle Update sound profiles, Easily find a GoStation with Vehicle health Face-ID authentication, s
Slide 20: Widely Recognized Across the Industry as a Leader in ePTW and Battery Swapping
2 TEC HN OLOGY D I FFE R ENT IAT ION Widely Recognized Across the Industry as a Leader in ePTW and Battery Swapping Technology “Meanwhile, Gogoro has 2,055 swapping stations, and manages over 200,000 “Gogoro’s battery swapping network is swaps per day. The combination of lightweight batteries, easy-
Slide 21: Drivetrain Technology Platform Enables Multi-Brand PBGN Vehicle Development
2 TEC HN OLOGY D I FFE R ENT IAT ION Drivetrain Technology Platform Enables Multi-Brand “PBGN1” Vehicle Development/Scale x12 x2 x7 x4 x2 TBA TBA TBA Powered by Gogoro Network SUZUKI MOTOR TAIWAN Our systems make building Swap & Go ready vehicles more economical, faster, and more reliable for partne
Slide 22: Industry Leading, Patented Battery Technology Designed for Swapping
2 TEC HN OLOGY D I FFE R ENT IAT ION All Supported by Industry Leading, Patented Battery Technology Designed for Swapping High Energy Density Connected & Upgradable Proprietary on-battery software High Energy Density continuously improves performance. in a compact, portable form-factor. Smart Batter
Slide 23: Smart, Scalable, Modular, Easy To Install Swap Stations
2 TEC HN OLOGY D I FFE R ENT IAT ION Deployed via Smart, Scalable, Modular, Easy To Install Swap Stations Smart GoStation Smart & Self-Diagnosing Always on, always connected, Software and remote monitoring always ready. enables 24/7 operations with minimal amount of staff per region. Modular Design
Slide 24: Proprietary Network Optimized to the Battery-Level for Cost/Performance
2 TEC HN OLOGY D I FFE R ENT IAT ION Underpinned by a Proprietary Network, Optimized to the Battery-Level for Cost/Performance Smart Network True network intelligence to optimize customer satisfaction while minimizing cost. Advanced battery tracking Monitoring of battery health, degradation, and usa
Slide 25: Taiwan: The Perfect Place To Pilot Our Platform
3 AT SCA LE IN TAIWAN TAIWAN The Perfect Place To Pilot Our Platform. Confidential 2021 25
Slide 26: Battery Swapping Quickly Replaced Charging as the Preferred Refueling Option
3 AT SCALE I N TAI WAN Once Gogoro Battery Swapping Launched, It Quickly Replaced Charging as the Preferred Refueling Option for EV Adoption Gogoro + PBGN Marketshare in Taiwan ePTW Market (%)1,2 Ubiquitous network deployed in less than 5 years In ‘000 500100% 2,000+ locations 400 839K batteries dep
Slide 27: Highly Recurring
4 RECURRING RE VE NU E MO DEL Highly Recurring A Better Experience Becomes Part of Daily Life. Confidential 2021 27
Slide 28: Hardware Sales Create a Long-Tail of Battery Swapping Subscription Revenue
4 R EC UR R I N G R E V E N U E MODEL Gogoro’s Hardware Sales Create a Long-Tail of Battery Swapping Subscription Revenue Core Components and Powertrain Gogoro Smartscooter® Smart Battery GoStation™ Enabling Hardware Sales Swap & Go Subscription Revenue Recurring 10+ Years lifecycle SUZUKI - TAIWAN
Slide 29: All Designed To Drive Gogoro's Recurring Subscription Business
4 R EC UR R I N G R E V E N U E MODEL All Designed To Drive Gogoro’s Recurring Subscription Business Cumulative Customer Lifetime Value1 Taiwan Scooter Sale (Revenue) 54% Recurring 68% 100% of PBGN buyers (regardless of vehicle brand) become Battery Swapping Subscribers. 46% Upfront Year 1 Year 2 Ye
Slide 30: 100% Attach Rate Powerfully Accumulates Recurring Revenue of New Users
4 R EC UR R I N G R E V E N U E MODEL 100% Attach Rate1 Powerfully Accumulates Recurring Revenue of New Users Taiwan Gogoro Battery Swapping Revenue by Year2 PBGN Vehicles attach to the (US$ in millions - annualized) swapping network at 100% Full Year Maximum $134 Revenue by Cohort ($M) $35 Expected
Slide 31: Expansion On The Way
5 INT E RNAT IONA L EXPAN SIO N Expansion On The Way Ready, Set, Gogoro. Confidential 2021 31
Slide 32: International Expansion Begins With China & India
5 I N TE R N ATI ON AL E XPANSION International Expansion Begins With China & India Global Expansion Phases 2015 Taiwan 2021 1 1 2021 China Lead Markets First 2022 India NOW 2022 2 3 TBA SEA 2 Establishing a foundation in China and India positions TBA Beyond us to expand globally with the benefit of
Slide 33: Significant Opportunity To Replicate Taiwan's Success in China & India
5 I N TE R N ATI ON AL E XPANSION Significant Opportunity To Replicate Taiwan’s Success in China & India Taiwan China India Gogoro’s pilot market Largest ePTW market globally2 Fastest growing PTW market globally Total PTW 2020 ePTW Total PTW 2020 ePTW Total PTW 2020 ePTW on Road1 Penetration2 on Roa
Slide 34: Aided by Policy Tailwinds in Large Markets
5 I N TE R N ATI ON AL E XPANSION Aided by Policy Tailwinds in Large Markets Gogoro can help meet China's Gogoro can help India leap-frog the China safety & sustainability goals faster. India plug-in-charging phase of electrification. Drive towards lithium batteries Goal: 80% ePTW by 20301 New Natio
Slide 35: Partners Committed to Battery Swapping With Gogoro
5 I N TE R N ATI ON AL E XPANSION Partners Committed to Battery Swapping With Gogoro Leading Vehicle OEMs in China Leading Vehicle OEM in India World #1 Electric 2W Maker China’s #1 ICE 2W Maker India’s #1 ICE 2W Maker 23% 11% 37% China ePTW Marketshare China ICE PTW Marketshare India ICE PTW Market
Slide 36: International Expansion via SwapCos With Top Local OEMs and Investors
5 I N TE R N ATI ON AL E XPANSION International Expansion via SwapCos With the Top Local OEMs and Investors SwapCo Model Local Partner Gogoro Contribution Contribution • Distribution and brand SwapCo1 • Enabling HW and SW technologies • Consumer acquisition and marketing OEMs Local Joint Venture Net
Slide 37: 2021-2022 Launch Priorities & Immediate Plans
5 I N TE R N ATI ON AL E XPANSION 2021-2022 Launch Priorities & Immediate Plans China India • Joint venture entity established by Yadea and Dachangjiang in 2020 • Joint venture entity to be established in 2021/early 2022 • Joint venture funded in early 2021 • Joint venture funding expected in 2022 •
Slide 38: Fast Expansion Requires a Supply Chain Partner That Can Scale Quickly
5 I N TE R N ATI ON AL E XPANSION Fast Expansion Requires a Supply Chain Partner That Can Scale Quickly “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 world. This partnership brings t
Slide 39: Management Team & Board
Management Team & Board Horace Luke Founder, CEO and Chairman Michael Splinter Chief Innovation Xbox & Windows Gogoro, Independent Board Member Officer Creative Director Nasdaq, Chairman TSMC, Independent Board Member Chairman CEO EVP Bruce Aitken Ming-I Peng Pass Liao Yoshi Yamada Gogoro, Independe
Slide 40: Gogoro Financials
Gogoro Financials Confidential 2021 40
Slide 41: Revenue Growth Driven by Proven Playbook With HaaS
GOGORO FI N AN C I ALS Revenue Growth Driven by Proven Playbook With HaaS Revenue Growing With Subscriber Accumulation Cumulative Subscribers Revenue Mix Revenue By Geography $1,709 $1,709 $254 $210 Battery swapping subscription1 Others Enabling hardware2 India Taiwan branded vehicle sales3 China Ta
Slide 42: Sales Projections Are Conservative Vs. Partner Ambitions
GOGORO FI N AN C I ALS Sales Projections Are Conservative Vs. Partner Ambitions 14,000 Projected PBGN Sales Projected PBGN Sales (in thousand units) (in thousand units) 12,691 As % of Yadea + DCJ’s 2020A Sales As % of Hero’s FY21 Sales (Year Ending March 31, 2021) 10,500 6,000 5,800 4,500 7,000 3,00
Slide 43: Attractive and Credible Long-Term Financial Model
GOGORO FI N AN C I ALS Attractive and Credible Long-Term Financial Model Consolidated Financials 2019-20241 2019A 2020A 2021E 2022E 2023E 2024E 2021E - 2024E CAGR Consolidated Revenue ($M) 439.2 364.1 326.9 500.2 925.1 1,709 74% Hardware Revenue ($M)2 394.7 284.9 222.3 365.5 746.4 1,455.4 Battery Sw
Slide 44: Transaction Overview
Transaction Overview Confidential 2021 44
Slide 45: Transaction Overview
TR AN SACTI ON OV E RVIE W Transaction Overview 1 Estimated Sources ($M) Estimated Uses ($M) Existing Shareholder’s Equity Rolled $2,011 Existing Shareholder’s Equity Rolled $2,011 Poema Global Cash in Trust2 345 Cash to Balance Sheet 557 PIPE 257 Indicative Transaction Costs 45 Existing Cash on Bal
Slide 46: Introducing the Selected Comparable Universe
TR AN SACTI ON OV E RVIEW Introducing the Selected Comparable Universe EV Charging EV Charging Hardware as a 4W Electric PTW OEMs Technology Networks Service (“HaaS”) Vehicle OEMs + + + + + 80% hardware, 20% software Build, own and operate Revenue streams from Manufacturers of sustainable Urban-focu
Slide 47: Operational Benchmarking
TR AN SACTI ON OV E RVIEW Operational Benchmarking CY2023E Revenue Growth1 (%) 199% 149% 110% 85% 78% 66% 65% 51% 27% 31% 17% Gogoro ChargePoint Stem EVBox Evgo Volta Industries Peloton Roku US / EURO OEM China OEM PTW EV OEMs Global EV China EV PTW OEMs2 OEMs2 OEMs2 CY2023E EBITDA Margin1 (%) 17% 1
Slide 48: Valuation Benchmarking
TR AN SACTI ON OV E RVIEW Valuation Benchmarking EV / CY2023E Revenue1 (x) 12.5x Implied 11.4x 8.9x 5.2x 5.3x 6.0x 5.0x 4.2x 2.5x 2.7x 1.2x Global EV China EV PTW OEMs2 OEMs2 OEMs2 % Recurring 19% 30% 8% 15% 100% 92% 34% 88% ~0% ~0% ~0% Revenue EV / CY2023E EBITDA1 (x) 80.8x Implied 53.4x 56.8x 41.8
Slide 49: Compelling Valuation Offering Significant Future Upside
TR AN SACTI ON OV E RVIEW Compelling Valuation Offering Significant Future Upside Future Value Present Value Marketed Value High $10,951 CY22 Multiple 6.4x ~75% Discount to Future Value Midpoint $7,605 Low $7,601 CY22 Multiple ~65% Discount to Midpoint 4.4x $5,278 Gogoro Revenue (2024E) $1,709 $2,35
Slide 50: LET'S GO!
LET’S GO! 50 Confidential 2021 50