Ola Electric Mobility (OEM) on Wednesday said it has acquired Amsterdam-based Etergo BV, a move that will help the Indian company foray into the global premium electric two-wheeler market.
Ola Electric, without disclosing the deal value, said it aims to launch its electric two-wheelers in India in 2021, and the acquisition of Etergo will bolster its engineering and design capabilities.
Etergo’s team will continue to be based out of Amsterdam, according to a statement.
Founded in 2014, Etergo has developed an all-electric “AppScooter” that uses swappable high energy density batteries to deliver a range of up to 240km.
“With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric aims to transform the over 100-million global two-wheeler market, including the over 20-million (units) Indian two-wheeler market, into a clean energy, digital future,” OEM said.
It added that electric two-wheelers are the most efficient and cleanest solution for urban mobility, which will become even more relevant in the post-Covid world.
