Ola Electric, the electric vehicles arm of Ola that was branched out from Ola’s core business to focus on electric mobility, is announcing its foray into the global electric two wheeler market. The company has acquired Etergo, a critically acclaimed electric two wheeler maker based out of Amsterdam, for an undisclosed amount.
Etergo was founded back in 2014 and came up with its first premium two wheeler electric scooter in 2018. The scooter, called ‘AppScooter’, uses swappable high energy density batteries to deliver a range up to 240km and class-leading acceleration.
According to a prepared statement, 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 Founder Bhavish Agarwal said, “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.”
Ola’s foray into the electric vehicle manufacturing sector is rather unique. The company had initially created Ola Electric to largely roll out electric-only ride hailing services. These included cabs as well as large sized commute options such as buses. The company had also announced partnerships, including one from Mahindra.
However, with COVID-19 bringing its ride hailing business to a halt, this is perhaps a pivot that the company is looking to do.
This acquisition will further bolster Ola Electric’s strong engineering and design capabilities with the Etergo team’s extensive vehicle development experience with leading automotive companies like Tesla, General Motors, Ferrari, Jaguar, and BMW. Etergo’s team will continue to be based out of Amsterdam as they join Ola Electric.
As of now, Ola says that it is working with India’s leading power distribution companies towards developing a conducive EV ecosystem through the establishment of Battery Swapping and Charging Stations in the national capital of New Delhi.
