EKA Mobility Announces Second Tranche Investment From Mitsui & Co., Ltd.
Thursday, June 20th, 2024 – India: EKA (Pinnacle Mobility Solutions) announces Mitsui & Co., Ltd. (“Mitsui”), a global trading and investment company with a rich history of contributing to industrial innovation, has executed a second tranche investment as a part of the initially announced phased investment, further solidifying their commitment to the rapidly growing electric vehicle (EV) company. This strategic infusion of capital will be directed towards capital expenditures (Capex) and working capital, supporting EKA Mobility’s continued expansion and innovation in the EV sector. This tranche also establishes an attractive valuation benchmark for the company and is testimony to the rapid growth that EKA is witnessing.
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In December 2023, EKA, Mitsui & VDL Groep entered into a strategic long-term partnership, that included joint investments of USD 100 million (~ INR 850 crores) in phases, equity, and technology cooperation to create a leading global OEM in India. This is one of the largest and most significant partnerships in the new mobility segment globally. Under the cooperation, EKA Mobility will receive significant and strategic investments from Mitsui, and technological support & equity partnership from VDL Groep, a leading Dutch technology and manufacturing company. As part of this partnership, VDL Bus & Coach, a subsidiary of VDL Groep and Europe’s frontrunner in electric buses & coaches will support EKA Mobility by transfer-of-technology to produce electric buses in India for the Indian market.
Earlier this year, Mitsui invested its maiden tranche in EKA which propelled the company to establish one of the largest R&D centres in the country for electric commercial vehicles, new product development, and expanding its export footprints. The second tranche will support EKA Mobility’s manufacturing capabilities, accelerate new product development, expand market reach, and provide working capital. The investment will strengthen the company’s financial base to support day-to-day operations, supply chain optimization, and market expansion initiatives.
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“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, has been at the forefront of the commercial electric mobility revolution, developing a range of electric buses in 7mtr, 9mtr & 12mtr categories, intercity coaches, and a range of electric light commercial vehicles. EKA is also one of the commercial vehicle manufacturers 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 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.”
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The company’s order book has significantly grown to 1000+ electric buses and 5000+ 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 and the company is well-positioned to capture and fulfill them.
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