Mumbai: Electric commercial vehicle maker EKA Mobility on Thursday said Mitsui Co & Ltd has executed a second tranche investment, as part of a phased investment initially announced.
This strategic capital infusion will be directed towards capital expenditures (Capex) and working capital, supporting EKA Mobility's continued expansion and innovation in the electric vehicle sector.
"Mitsui Co & Ltd has executed a second investment as part of the incremental investment initially announced, further solidifying its commitment to the company," the company said in a statement without disclosing financial details.
EKA, Mitsui and Dutch technology and manufacturing company VDL Groep in December last year signed a long-term strategic partnership, which included joint investments of $100 million (Rs 850 crore) in phases, capital and technology cooperation to create a leading company. Global OEM (Original Equipment Manufacturer) in India.
Earlier this year, Mitsui invested its first tranche in EKA Mobility, prompting the company to establish one of the country's largest R&D centers for electric commercial vehicles, new product development and expanding its footprint. export.
"This investment aligns with Mitsui's strategic focus on sustainable and forward-thinking industries, and we are confident that EKA Mobility will play a key role in the future of transportation. We look forward to using Mitsui's global network to promote the export of the competitive EKA products to overseas markets," said Hiroshi Takeuchi, deputy general manager of Mitsui's Mobility 1 Business Unit.
Within the framework of the cooperation, EKA Mobility will receive significant and strategic investments from Mitsui, as well as technological support and capital partnership from VDL Groep.
"(VDL Groep's) continued investment support will enable us to accelerate our growth trajectory, bring innovative electric vehicle solutions to market faster and further our mission of creating a sustainable and green transportation ecosystem," said Sudhir Mehta, founder from EKA (Pinnacle Mobility Solutions).
The company also said its order book has grown significantly to more than 1,000 electric buses and more than 5,000 electric light commercial vehicles.
This strategic capital infusion will be directed towards capital expenditures (Capex) and working capital, supporting EKA Mobility's continued expansion and innovation in the electric vehicle sector.
"Mitsui Co & Ltd has executed a second investment as part of the incremental investment initially announced, further solidifying its commitment to the company," the company said in a statement without disclosing financial details.
EKA, Mitsui and Dutch technology and manufacturing company VDL Groep in December last year signed a long-term strategic partnership, which included joint investments of $100 million (Rs 850 crore) in phases, capital and technology cooperation to create a leading company. Global OEM (Original Equipment Manufacturer) in India.
Earlier this year, Mitsui invested its first tranche in EKA Mobility, prompting the company to establish one of the country's largest R&D centers for electric commercial vehicles, new product development and expanding its footprint. export.
"This investment aligns with Mitsui's strategic focus on sustainable and forward-thinking industries, and we are confident that EKA Mobility will play a key role in the future of transportation. We look forward to using Mitsui's global network to promote the export of the competitive EKA products to overseas markets," said Hiroshi Takeuchi, deputy general manager of Mitsui's Mobility 1 Business Unit.
Within the framework of the cooperation, EKA Mobility will receive significant and strategic investments from Mitsui, as well as technological support and capital partnership from VDL Groep.
"(VDL Groep's) continued investment support will enable us to accelerate our growth trajectory, bring innovative electric vehicle solutions to market faster and further our mission of creating a sustainable and green transportation ecosystem," said Sudhir Mehta, founder from EKA (Pinnacle Mobility Solutions).
The company also said its order book has grown significantly to more than 1,000 electric buses and more than 5,000 electric light commercial vehicles.
