Ola acquires Amsterdam startup Etergo to launch electric two-wheeler

Ola Electric — Bengaluru-based ride-hailing unicorn Ola's electric mobility wing, also a unicorn — has announced its entry into the premium two-wheeler electric vehicle segment with the acquisition of Amsterdam-based Etergo BV, an electric scooter OEM. The terms of the deal are undisclosed.

Etergo was founded in 2014. It has developed AppScooter, an electric scooter that has won several awards across the world for design and engineering. First revealed in 2018, the scooter uses swappable high energy density batteries to deliver a range up to 240 km and class-leading acceleration. 

In a statement, Bhavish Aggarwal, Founder and Chairman, Ola Electric, said, “The future of mobility is electric, and the post-COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally."

Bart Jacobsz Rosier, Co-founder and CEO, Etergo BV, added, “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."

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Bhavish added that every year, almost twice the number of two-wheelers are sold across the world compared to cars. 

"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. I am very excited to welcome the founders 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 said.

The team believes electric two-wheelers are one of the most efficient and cleanest solutions for urban mobility, which will be more relevant in a post COVID-19 world.

"With European design, and a strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric aims to transform the 100-million+ global two-wheeler market, including the 20-million Indian two-wheeler market, into a clean energy, digital future," said the statement.

Ola Electric plans to set up charging and swapping networks across the country. The startup has been running several pilots to deploy electric vehicles and charging solutions across cities with a primary focus on two and three-wheelers. The startup aims to build a suite of electric and smart urban mobility solutions for global citizens, both in India and around the world. 

"Ola Electric aims to launch its global electric two-wheeler in India in 2021. 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," said the statement.

Ola Electric has been working with several power distribution companies towards developing an EV ecosystem with charging and battery swapping stations across Delhi-NCR.