Mitsui & Co. Increases Investment in EKA Mobility for Enhanced EV Expansion


6/21/20242 min read

EKA Mobility (Pinnacle Mobility Solutions) has received a second tranche of investment from Mitsui & Co., Ltd. (“Mitsui”), a renowned global trading and investment entity recognized for its role in industrial innovation. This new round of investment, part of a previously announced phased commitment, underscores Mitsui’s dedication to EKA’s swift growth in the electric vehicle (EV) market. The fresh capital will be used for capital expenditures (Capex) and working capital, supporting EKA Mobility’s expansion and innovation initiatives in the EV sector. This investment also enhances the company's valuation, reflecting its rapid growth trajectory.

In December 2023, EKA, Mitsui, and VDL Groep entered into a strategic long-term partnership, committing to a joint investment of USD 100 million (~INR 850 crores) in stages. This partnership involves equity and technology cooperation to establish a leading global Original Equipment Manufacturer (OEM) in India. Through this agreement, EKA Mobility will receive substantial investments from Mitsui and technological support and equity partnership from VDL Groep, a distinguished Dutch technology and manufacturing company. VDL Bus and Coach, a subsidiary of VDL Groep and a leader in electric buses and coaches in Europe, will provide technology transfer to EKA Mobility, enabling the production of electric buses in India for the local market.

Earlier this year, Mitsui’s initial investment tranche enabled EKA to establish one of India’s largest R&D centers for electric commercial vehicles, fostering new product development and expanding export footprints. The second tranche will further enhance EKA Mobility’s manufacturing capabilities, accelerate new product development, extend market reach, and provide essential working capital. This infusion will strengthen EKA’s financial foundation, supporting day-to-day operations, optimizing the supply chain, and expanding market initiatives.

Headquartered in Pune, EKA Mobility has been at the forefront of the commercial electric mobility revolution, developing a range of electric buses in 7m, 9m, and 12m categories, intercity coaches, and various electric light commercial vehicles. EKA is also an approved commercial vehicle manufacturer under the Government of India’s Auto PLI policy. Mitsui’s renewed investment reflects its confidence in EKA Mobility’s vision, technology, and market potential.

EKA’s order book has expanded significantly, with over 1,000 electric buses and 5,000 electric light commercial vehicles. The strong acceptance of EKA buses in Delhi and Greater Mumbai suggests a surge in electric bus orders in the coming months, positioning the company well to meet and capitalize on this growing demand.