Mitsui Boosts Funding in EKA Mobility To drive EV Innovation

EKA (Pinnacle Mobility Solutions) declares Mitsui & Co., Ltd. ("Mitsui"), a worldwide trading and investment firm with a rich history of contributing to industrial innovation, has performed a second tranche funding as a part of the preliminary announced phased investment, further solidifying their dedication to the quickly emerging electric vehicle (EV) firm.

This strategic infusion of capital will be coordinated towards capital uses (Capex) and working capital, supporting EKA Portability's proceeded with extension and advancement in the EV industry. The organization stated in a press release that this tranche also set up an attractive valuation benchmark for the company and is evidence of EKA's rapid growth.

EKA, Mitsui, and VDL Groep entered into a strategic long-term partnership in December 2023. This partnership included joint investments of USD 100 million (INR 850 crores) in phases, equity, and technology cooperation to establish a global OEM leader in India. This is one of the biggest and most critical agreement in the new mobility segment around the world. Under the cooperation, EKA Mobility will get critical and key speculations from Mitsui, and technological help and equity partnership from VDL Groep, a leading Dutch technology and manufacturing firm.

On account of partnership, VDL Bus & Coach, a subsidiary of VDL Groep and Europe's frontrunner in electric buses & coaches will uphold EKA Mobility by move of-innovation to create electric buses in India for the Indian market.