This strategic financial infusion will support EKA Mobility’s ongoing growth and innovation in the EV industry by going toward working capital and capital expenditures (Capex).
Mitsui Boosts Investment in EKA Mobility to Drive
As part of a previously announced phased investment, EKA Mobility, a manufacturer of electric commercial vehicles, stated on Thursday that Mitsui Co & Ltd has completed a second tranche investment.
This strategic financial infusion will support EKA Mobility’s ongoing growth and innovation in the EV industry by going toward working capital and capital expenditures (Capex).
As part of the previously announced phased investment, Mitsui Co & Ltd has undertaken a second tranche investment, further cementing their commitment to the company,” the company stated in a statement without providing any information the financial information.
In December of last year, EKA, Mitsui, and the Dutch technology and manufacturing company VDL Groep entered into a strategic long-term partnership. This partnership included equity, technology cooperation, and joint investments totaling $100 million (Rs 850 crore) in phases to establish a leading global OEM (Original Equipment Manufacturer) in India.
Mitsui’s initial investment in EKA Mobility earlier this year helped the firm build one of the nation’s largest research and development centers for electric commercial vehicles, new product development, and export expansion.
This investment is in line with Mitsui’s strategy emphasis on industries that are forward-thinking and sustainable, and we have no doubt that EKA Mobility will be important to transportation in the years to come.
EKA Mitsui Boosts Investment in EKA Mobility to Drive
Hiroshi Takeuchi, Deputy General Manager of Mobility Business Unit 1 at Mitsui, stated, “We are excited to leverage Mitsui’s extensive global network to facilitate the export of EKA’s competitive products to foreign markets.”
Mitsui will provide EKA Mobility with major and strategic investments as part of the cooperation, while VDL Group will provide technology support and an equity partnership.
Founder of EKA (Pinnacle Mobility Solutions) Sudhir Mehta stated, “We will be able to accelerate our growth trajectory, bring breakthrough EV solutions to market faster, and further our aim to establish a sustainable and green transportation ecosystem” with the continuous funding backing from VDL Groep.
Furthermore, the company reported that it now has over 1,000 electric buses and over 5,000 electric light commercial vehicles on its order book, a significant increase.
Account opning link:
- Groww Account- https://app.groww.in/v3cO/kyrp1zph
- Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906
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