Ola Electric buys Dutch scooter company Etergo valued at $92 million

A unit of SoftBank Team-backed Indian trip-hailing organization Ola will invest in Amsterdam-dependent electric powered

A unit of SoftBank Team-backed Indian trip-hailing organization Ola will invest in Amsterdam-dependent electric powered scooter organization Etergo as aspect of its system to regionally create electric powered cars (EVs), the organization said on Wednesday.

Ola Electric did not disclose the amount of money it was shelling out to obtain Etergo, which was last valued at about 84 million euros ($92 million), according to a resource familiar with the deal.

Etergo’s scooters use swappable, superior strength density batteries that give it a selection of up to 240 km.

Ola Electric said it will start EV manufacturing function this yr and programs to start its initially electric powered scooter in 2021.

“The organization aims to create a suite of electric powered and smart city mobility options … in India and about the globe,” it said.

Ola already delivers rides on electric powered scooters and a few-wheeled cars built by other makers on its system, and has established up battery-swapping stations, throughout a number of towns in India.

“The future of mobility is electric powered, and the article COVID globe offers an opportunity for us to accelerate the adoption of electric powered mobility globally,” said Bhavish Aggarwal, founder and chairman of Ola Electric.