Electric commercial vehicle manufacturer EKA Mobility announced on Thursday that Mitsui Co & Ltd has made a second tranche investment as part of a previously planned phased investment. This strategic capital infusion will be directed towards capital expenditures (Capex) and working capital, bolstering EKA Mobility’s growth and fostering innovation in the EV sector.
“Mitsui Co & Ltd has completed a second tranche investment as part of the phased investment initially announced, reinforcing their commitment to our company,” EKA Mobility stated, without disclosing the financial specifics.
In December last year, EKA, Mitsui, and Dutch technology and manufacturing firm VDL Groep entered into a strategic long-term partnership. This collaboration includes phased joint investments totaling USD 100 million (Rs 850 crore), equity, and technology cooperation aimed at establishing a leading global OEM (Original Equipment Manufacturer) in India.
Earlier this year, Mitsui’s initial tranche investment allowed EKA Mobility to establish one of the country’s largest R&D centers for electric commercial vehicles, supporting new product development and enhancing export capabilities.
“This investment aligns with Mitsui’s strategic emphasis on sustainable and progressive industries. We are confident that EKA Mobility will play a key role in the future of transportation. We look forward to leveraging Mitsui’s global network to promote the export of EKA’s competitive products to international markets,” stated Hiroshi Takeuchi, Deputy General Manager of Mobility Business Unit 1 at Mitsui.
Under this cooperation, EKA Mobility will benefit from significant strategic investments from Mitsui and technological support and equity partnership from VDL Groep.
Sudhir Mehta, Founder of EKA (Pinnacle Mobility Solutions), stated, “The ongoing investment from Mitsui and VDL Groep will speed up our growth, enable us to introduce innovative EV solutions to the market faster, and further our mission of building a sustainable and green transportation ecosystem.”
The company also announced that its order book has grown significantly, with over 1,000 electric buses and more than 5,000 electric light commercial vehicles on order.
