Hero MotoCorp to make fresh investment of up to Rs 420cr in Ather Energy
Hero MotoCorp said that it will make a new investment of up to INR 420 crores in Ather Energy, a Bengaluru-based electric vehicle (EV) company.
The Indian automobile manufacturer said that its board has sanctioned the investment in Ather Energy in one or more tranches.
Before the proposed investment, Hero MotoCorp had a stake of 34.8% in Ather Energy. After the new investment, the stake will increase and the actual shareholding will be determined after the closing of a capital raise round by the EV company.
Swadesh Srivastava — Hero MotoCorp Emerging Mobility head said: “In keeping with our vision ‘Be the Future of Mobility’, we are working on a variety of emerging mobility solutions. We were one of the early investors in Ather Energy and have continued to expand our association over the years.
“We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.”
Ather Energy is involved in designing, manufacturing, producing, selling, servicing, software development, and software management pertaining to electric automobiles and charging infrastructure. The company is also engaged in storage, distribution, and management systems, or otherwise all forms of electric power and other ancillary services.
Hero MotoCorp said that as an early investor in Ather Energy, it has been a part of the latter’s growth story since 2016, and has also been studying collaborations with the latter in various spheres like charging infrastructure, technology, and sourcing.
Meanwhile, Hero MotoCorp stated that it is getting ready to introduce its first electric vehicle in March 2022.