June 22, 2024: Electric vehicle (EV) maker EKA (Pinnacle Mobility Solutions) has raised a second tranche of investment from Japanese trading company Mitsui & Co Ltd. This enables the startup to further boost manufacturing and new product development.
This is a part of the commitment made in December last year, wherein, 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 collaborated with the Dutch conglomerate, VDL Group, one of the largest manufacturers of electric buses, trucks & coaches globally, to establish EKA by Pinnacle Mobility Solutions.
EKA Receives Second Tranche of $100M Investment
“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.
“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 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.
Pune based 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.
With over 1,000 electric buses and 5,000 electric light commercial vehicles on order, the company’s order book has expanded dramatically. The company anticipates a spike in electric bus orders in the upcoming months.
The first investment by Mitsui this year helped EKA establish a leading electric commercial vehicle R&D center in India. This center focuses on designing new products and increasing EKA’s exports.
The follow-up investment aims to boost EKA’s production capacity, speed up new product development, expand their market reach, and provide additional funds. This extra money will strengthen EKA’s financial health, improve their supply chain, and support their market growth efforts.
