EKA Mobility Secures Second Investment Tranche from Mitsui & Co for EV Expansion.

EKA Mobility (Pinnacle Mobility Solutions) has announced a significant milestone in its collaboration with Mitsui & Co., Ltd. (“Mitsui”), a global leader in trading and industrial innovation.

Mitsui has executed the second tranche of its phased investment plan, reinforcing its commitment to EKA's rapid growth in the electric vehicle (EV) sector. This strategic capital infusion will fund capital expenditures (Capex) and working capital, supporting EKA Mobility’s expansion and innovation. The investment also sets a favorable valuation for the company, reflecting its swift growth trajectory.

In December 2023, EKA, Mitsui, and VDL Groep initiated a long-term strategic partnership, committing USD 100 million (~INR 850 crores) in phases. This partnership includes equity and technology cooperation to establish a leading global Original Equipment Manufacturer (OEM) in India. Under this agreement, EKA Mobility will receive substantial investments from Mitsui and technological support from VDL Groep, a prominent Dutch technology and manufacturing firm. VDL Bus and Coach, a subsidiary of VDL Groep and a leader in electric buses in Europe, will provide technology transfer to EKA Mobility to produce electric buses in India.

Earlier this year, Mitsui’s initial investment in EKA enabled the establishment of one of India’s largest R&D centers for electric commercial vehicles, driving new product development and expanding export capabilities. The second tranche will enhance EKA Mobility’s manufacturing capabilities, accelerate product development, extend market reach, and provide essential working capital. This investment will strengthen the company’s financial base to support daily operations, optimize the supply chain, and expand market initiatives.

“We are thrilled to deepen our partnership with EKA Mobility through this second tranche investment,” said Hiroshi Takeuchi, Deputy General Manager of Mobility Business Unit 1 at Mitsui. “EKA Mobility has shown strong growth and innovation in the EV space, and we are excited to support their continued success. We look forward to leveraging Mitsui’s global network to promote EKA’s products internationally. This investment aligns with Mitsui’s strategic focus on sustainable and forward-looking industries, and we are confident EKA Mobility will play a pivotal role in the future of transportation.”

EKA, headquartered in Pune, has been a leader in commercial electric mobility, developing a range of electric buses in 7m, 9m, and 12m categories, intercity coaches, and various electric 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.

Sudhir Mehta, Founder of EKA (Pinnacle Mobility Solutions), expressed gratitude for Mitsui’s continued support: “This continued investment will enable us to accelerate our growth, bring innovative EV solutions to market faster, and further our mission to create a sustainable and green transportation ecosystem.”

EKA’s order book has grown significantly, with over 1,000 electric buses and 5,000 electric light commercial vehicles. With strong acceptance of EKA buses in Delhi and Greater Mumbai, the company anticipates a surge in orders and is well-positioned to meet this demand.

HBL