Castrol to invest up to $50M in Gogoro

Castrol, part of the bp group (BP), announced an investment of up to $50 million in Gogoro (GGR). In the first tranche of the investment, Castrol Holdings, an affiliate of Castrol, will invest $25 million in ordinary shares of Gogoro. This investment is expected to be followed by a second $25 million investment in the form of a convertible note, which is subject to the consummation of certain transactions by the parties in connection with their business collaboration. The first tranche investment will result in Castrol acquiring approximately 5.72% of Gogoro’s outstanding ordinary shares and it will be Castrol’s first step to unlock diversification opportunities beyond its core lubricants and fluids business under its new ‘Onward, Upward, Forward’ strategy.