10:32 AM EDT, 06/25/2024 (MT Newswires) -- Gogoro ( GGR ) will receive up to $50 million in investment as part of a collaboration with BP (BP) subsidiary Castrol, the companies said Tuesday.

Castrol affiliate Castrol Holdings will invest in the two-tranche transaction, which includes $25 million in common shares of Gogoro ( GGR ) followed by a $25 million convertible note, the companies said.

The first tranche will result in Castrol acquiring about 5.7% of Gogoro's ( GGR ) outstanding shares, while the investment in the convertible note is subject to the completion of certain transactions, the companies noted.

Shares of the Gogoro ( GGR ) were up 8.2% in recent trading.

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