EKA Mobility (Pinnacle Mobility Solutions) has announced that Mitsui & Co., Ltd. (“Mitsui”), a prominent global trading and investment company, has executed a second tranche investment. This move, part of a previously announced phased investment plan, reinforces Mitsui’s commitment to EKA Mobility, a rapidly expanding electric vehicle (EV) company. The fresh infusion of capital is earmarked for capital expenditures (Capex) and working capital, aimed at supporting EKA Mobility’s growth and innovation within the EV sector. This investment also sets a positive valuation benchmark for the company, showcasing EKA’s impressive growth trajectory.
In December 2023, EKA Mobility, Mitsui, and VDL Groep entered into a strategic long-term partnership, entailing joint investments of USD 100 million (approximately INR 850 crores) in phases, along with equity and technology cooperation. This collaboration aims to establish a leading global OEM in India and is considered one of the most significant partnerships in the new mobility segment globally. Through this partnership, EKA Mobility benefits from strategic investments by Mitsui and technological support and 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 by transferring technology to manufacture electric buses in India for the Indian market.
Earlier this year, Mitsui’s initial tranche investment enabled EKA Mobility to establish one of India’s largest R&D centers for electric commercial vehicles, facilitating new product development and expanding export capabilities. The second tranche will bolster EKA Mobility’s manufacturing capacity, accelerate new product development, extend market reach, and provide essential working capital. This financial support will enhance the company’s operational capabilities, optimize the supply chain, and drive market expansion initiatives.
“We are thrilled to deepen our partnership with EKA Mobility through the investment of this second tranche,” said Mr. Hiroshi Takeuchi, Deputy General Manager of Mobility Business Unit 1 of Mitsui. “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 utilizing 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.”
EKA, headquartered in Pune, India, is leading the commercial electric mobility revolution by developing a range of electric buses in 7mtr, 9mtr, and 12mtr categories, intercity coaches, and various electric light commercial vehicles. EKA is also an approved commercial vehicle manufacturer under the Government of India’s Auto PLI policy. Mitsui’s renewed investment highlights its confidence in EKA Mobility’s vision, technology, and market potential.
Dr. Sudhir Mehta, Founder of EKA (Pinnacle Mobility Solutions), expressed his gratitude for Mitsui’s continued support: “We are immensely grateful to Mitsui & VDL Groep for their unwavering confidence and sustained investment in EKA Mobility. 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. We look forward to a long and successful partnership with Mitsui & VDL.”
EKA Mobility’s order book has seen significant growth, with orders exceeding 1,000 electric buses and 5,000 electric light commercial vehicles. With the high acceptance of EKA buses in Delhi and Greater Mumbai, a surge in electric bus orders is anticipated in the coming months, positioning the company to capture and fulfill this growing demand.