The Indian State of Maharashtra and Gogoro Inc. announced that the Maharashtra government had presented Gogoro with an offer letter to enter into an 'Ultra Mega Project' agreement to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023. The proposed Ultra Mega Project deal would exceed $1.5 billion and include financial incentives and support from Maharashtra. The offer letter follows a MOU between Maharashtra and Gogoro that was previously announced at Davos in January 2023.

The Maharashtra government categorizes Ultra Mega Projects as significant strategic investments exceeding $500 million that usually result in government incentives to ensure successful project execution. The deployment is also expected to accelerate job growth throughout the smart energy, electric vehicle, and sustainability value chain. Gogoro is expected to lead the increase of foreign direct investment into the state of Maharashtra in both supply chain capabilities and smart battery infrastructure.

The battery swapping infrastructure expects to begin deploying across Maharashtra in late 2023 which will leverage Gogoro's smart energy ecosystem including smart battery stations, swapping technologies, network management solutions, and will provide numerous innovations to the State, contributing in the areas of smart city design and development, energy storage stations & systems, smart mobility sharing, smart electric vehicles, demand response services and distributed energy storage, among other applications.