Ola forays into the electric two wheeler segment, here is what you should know

Ola  Electric, the  electric vehicle business that twirled out of the cab aggregator Ola last year has now dived into the electric two wheeler segment.

  • The firm has acquired Etergo BV, an innovative electric scooter OEM, based out of Amsterdam.
  • With this acquisition, Ola Electric has also announced its entry into the premium electric two-wheeler market, both globally and nationally.   
  • The recent development comes after Ather Energy’s announcement of partnership with Bounce for a scooter sharing initiative.
  • Founded in 2014, Etergo has developed an all-electric state-of-the-art AppScooter, which has won multiple awards across the world for its innovative design and engineering at CES 2019 and Automotive Brand Contest, Germany amongst others.
  • Etergo AppScooter unveiled in the year 2018 uses swappable, high energy battery that delivers a range of up to 240 km (149 miles).
  • Etergo scooter’s built, design, and efficiency is so impressive that its maker has been called “the Tesla of the scooter world”.
  • As of now there is no words on the terms of the deal from both the companies, but Etergo was valued at around $90 million in its previous financing round.
  • With this acquisition Ola Electric aims to transform the 100-million+ global two-wheeler market, including the 20-million+ Indian two-wheeler market, into a clean energy, digital future.
  • Ola Electric is currently running several pilots to deploy electric vehicles and charging solutions across cities with a focus on 2 and 3 wheelers.
  • The company aims to build a suite of electric and smart urban mobility solutions for global citizens, both in India and around the world.
  • Ola Electric aims to launch its global electric two-wheeler in India in 2021.

Bhavish Aggarwal, Founder & Chairman, Ola Electric said, “The future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally. Every year, almost twice the number of two-wheelers are sold across the world compared to cars. With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer. We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India.”

He added, “I am very excited to welcome Bart, Marijn, and the entire Etergo team to Ola Electric and look forward to working closely with them to build towards our vision of making electric mobility, a reality at scale.”