EKA(Pinnacle Mobility Solutions) has announced that Mitsui & Co., Ltd.(Mitsui), a global trading and investment company with a rich history ofcontributing to industrial innovation, has executed a second tranche investmentas a part of the initially announced phased investment, further solidifying theircommitment to the rapidly growing electric vehicle (EV) company. This strategicinfusion of capital will be directed towards capital expenditures (Capex) andworking capital, supporting EKA Mobility’s continued expansion and innovationin the EV sector.
InDecember 2023, EKA, Mitsui, and VDL Groep entered into a strategic long-termpartnership that included joint investments of US$100-million (~INR850-crores)in phases, equity, and technology cooperation to create a leading global OEM inIndia. This is one of the largest and most significant partnerships in the newmobility segment globally. Under the cooperation, EKA Mobility will receivesignificant and strategic investments from Mitsui, and technological support andequity partnership from VDL Groep, a leading Dutch technology and manufacturingcompany.
Aspart of this partnership, VDL Bus & Coach, a subsidiary of VDL Groep andEurope’s frontrunner in electric buses and coaches will support EKA Mobility bytransfer-of-technology to produce electric buses in India for the Indianmarket. Earlier this year, Mitsui invested its maiden tranche in EKA, whichpropelled the company to establish one of the largest R&D centres in thecountry for electric commercial vehicles, new product development, andexpanding its export footprints.
Thesecond tranche will support EKA Mobility's manufacturing capabilities,accelerate new product development, expand market reach, and provide workingcapital. The investment will strengthen the company’s financial base to supportday-to-day operations, supply chain optimization, and market expansioninitiatives.
EKA,headquartered in Pune, India, has been at the forefront of the commercialelectric mobility revolution, developing a range of electric buses in 7.0mtr, 9.0mtr,and 12mtr categories, intercity coaches, and a range of electric lightcommercial vehicles. EKA is also one of the commercial vehicle manufacturersapproved under the Government of India’s Auto PLI policy.