EV maker EKA secures second investment tranche from Mitsui as part of $100M deal
Pune-based EKA Mobility develops and manufactures commercial electric vehicles, including buses and light commercial vehicles.
Pune-based electric vehicle (EV) maker EKA (Pinnacle Mobility Solutions) has secured a second tranche of investment from Japanese trading company Mitsui & Co Ltd.
In December last year, EKA, Mitsui, and Dutch technology and manufacturing company VDL Groep entered into a long-term partnership, which includes joint investments of $100 million (~ Rs 850 crore) in phases, equity, and technology cooperation to create a leading global OEM in India. Under the partnership, EKA Mobility will receive investments from Mitsui, and technological support and equity partnership from VDL Groep.
Eka has received a tranche of Rs 200 crore in the latest tranche, according to The Economic Times.
"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," said Sudhir Mehta, Founder of EKA (Pinnacle Mobility Solutions).
The funds will be used for capital expenditure, working capital, and expanding manufacturing and product development, EKA said, in a statement.
" has demonstrated strong growth and innovation in the EV space, and we are excited to support their continued success. We look forward to utilising Mitsui's global network to promote exporting EKA's competitive products to overseas markets," said Hiroshi Takeuchi, Deputy General Manager of Mobility Business Unit 1 of Mitsui.
EKA Mobility specialises in developing and manufacturing commercial electric vehicles. Its product range includes electric buses in the 7-metre, 9-metre, and 12-metre categories, intercity coaches, and electric light commercial vehicles.
Edited by Swetha Kannan