Ola Electric Acquires Amsterdam-Based Etergo; Aims to Launch e-Scooter in 2021

Indian ride-hailing firm Ola’s e-mobility arm, Ola Electric, on Wednesday said that it has acquired Amsterdam-based Etergo BV, an innovative electric scooter original equipment manufacturer (OEM). However, the company didn’t disclose the amount of acquisition.

With this acquisition, the company has also announced its foray into the premium electric two-wheeler market, both globally and nationally.  It is also planning to launch its global electric two-wheeler in India in 2021.

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Now, the company also aims to tap the global two-wheeler market of over 100-million, including more than 20-million Indian two-wheeler market.

Etergo, founded in 2014, is well known for its award-winning all-electric AppScooter for its innovative design and engineering. AppScooter uses swappable high energy density batteries to deliver a range up to 240km and class-leading acceleration.

Commenting on the acquisition, Bhavish Aggarwal, Founder & Chairman of Ola Electric, said that, “the future of mobility is electric, and the post COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally. We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India.”

“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,” he added.

This acquisition will further enhance Ola’s strong engineering and design capabilities with the Etergo team’s extensive vehicle development experience with leading auto giants such as Tesla, General Motors, Ferrari, Jaguar, and BMW.

“Ola is one of the world’s most admired mobility companies and has led the way for many innovations in the space, including its bold ambition for electric mobility. We are looking forward to joining Ola Electric and together, reimagining electric mobility to transform the way the world moves,” said Bart Jacobsz Rosier, Co-founder & CEO, Etergo BV.

Meanwhile, Etergo’s team will continue to be based out of Amsterdam after joining Ola Electric.

Earlier, Hyundai Motor and Kia Motors acquired a shareholding in Ola Electric Mobility and ANI Technologies.