EKA (Pinnacle Mobility Solutions) announced that Mitsui & Co, a global trading and investment powerhouse, has executed a second tranche investment. The capital will be directed towards capital expenditures and working capital, supporting EKA Mobility’s ongoing expansion and innovation within the EV sector.
In December 2023, EKA, Mitsui, and VDL Groep embarked on a strategic long-term partnership involving joint investments of $ 100 million (~INR 850 crore) in phases, equity, and technology cooperation. This partnership aims to establish a leading global Original Equipment Manufacturer (OEM) in India, making it one of the largest and most significant collaborations in the new mobility segment globally. Under this cooperation, EKA Mobility benefits from significant and strategic investments from Mitsui and technological support & equity partnership from VDL Groep, a leading Dutch technology and manufacturing company. VDL Bus & Coach, a subsidiary of VDL Groep and a frontrunner in electric buses and coaches in Europe, will support EKA Mobility through the transfer of technology to produce electric buses in India.
Hiroshi Takeuchi, Deputy General Manager of Mobility Business Unit 1 at Mitsui, said, 'EKA Mobility has demonstrated strong growth and innovation in the EV space, and we are excited to support their continued success. We look forward to utilising Mitsui's global network to promote exporting EKA's competitive products to overseas markets. This investment aligns with Mitsui's strategic focus on sustainable and forward-looking industries, and we are confident that EKA Mobility will play a pivotal role in the future of transportation.'
Dr Sudhir Mehta, Founder of EKA (Pinnacle Mobility Solutions), said, “The continued investment support will enable us to accelerate our growth trajectory, bring innovative EV solutions to market faster, and further our mission to create a sustainable and green transportation ecosystem.
EKA’s order book has significantly grown, with over 1,000 electric buses and 5,000 electric light commercial vehicles. Given the wide acceptance of EKA buses in Delhi and Greater Mumbai, the next few months are likely to witness a surge in electric bus orders. EKA is well-positioned to capture and fulfill these demands, reinforcing its leadership in the EV market.
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