Thursday, June 20th, 2024 – India – EKA Mobility, a pioneering entity in the electric vehicle (EV) industry, has received a second tranche of investment from Mitsui & Co., Ltd. (“Mitsui”), further cementing their strategic partnership. This additional capital infusion, part of a pre-announced phased investment, will be utilized for capital expenditures and working capital, thereby facilitating EKA Mobility’s ongoing expansion and innovation efforts. The investment also sets a new valuation benchmark, reflecting the company’s rapid growth trajectory.
In December 2023, EKA Mobility, Mitsui, and VDL Groep formed a strategic long-term alliance, committing to joint investments totaling USD 100 million (~INR 850 crores). This partnership, one of the largest in the global new mobility sector, involves equity and technology cooperation aimed at establishing a leading global OEM in India. Mitsui’s significant and strategic investments, combined with VDL Groep’s technological support, underscore the collaboration’s potential. Notably, VDL Bus & Coach, a subsidiary of VDL Groep and a leader in electric buses in Europe, will assist EKA Mobility with technology transfer for producing electric buses in India.
Earlier this year, Mitsui’s initial investment tranche enabled EKA to set up one of the largest R&D centers in India for electric commercial vehicles, focusing on new product development and expanding export capabilities. The second tranche will further bolster EKA Mobility’s manufacturing capacity, accelerate product development, and enhance market reach while providing essential working capital. This investment will also strengthen the company’s financial foundation, supporting daily operations, supply chain optimization, and market expansion initiatives.
“We are thrilled to deepen our partnership with EKA Mobility through this second tranche investment,” stated Mr. Hiroshi Takeuchi, Deputy General Manager of Mitsui’s Mobility Business Unit 1. “EKA Mobility has shown remarkable growth and innovation in the EV sector, and we are excited to support their continued success. Through Mitsui’s global network, we aim to promote EKA’s competitive products in international markets. This investment aligns with Mitsui’s focus on sustainable, forward-looking industries, and we are confident that EKA Mobility will be pivotal in the future of transportation.”
Headquartered in Pune, India, EKA has been a frontrunner in the commercial electric mobility revolution, developing a variety of electric buses and light commercial vehicles. EKA is also approved under the Government of India’s Auto PLI policy. Mitsui’s renewed investment underscores its confidence in EKA Mobility’s vision, technology, and market potential.
Dr. Sudhir Mehta, Founder of EKA (Pinnacle Mobility Solutions), expressed his gratitude: “We are immensely grateful to Mitsui & VDL Groep for their unwavering confidence and sustained investment in EKA Mobility. This continued support will accelerate our growth, bring innovative EV solutions to market faster, and advance our mission of creating a sustainable and green transportation ecosystem. We look forward to a long and successful partnership with Mitsui & VDL.”
EKA Mobility’s order book has grown significantly, with over 1,000 electric buses and 5,000 electric light commercial vehicles. With increasing acceptance of EKA buses in Delhi and Greater Mumbai, the company anticipates a surge in electric bus orders in the coming months and is well-positioned to meet this demand.
