EKA (Pinnacle Mobility Solutions), an electric vehicle (EV) manufacturer from Pune, has received a second tranche of investment from the Japanese trading corporation Mitsui & Co Ltd.
The funds will be allocated to capital expenditure, working capital, and the expansion of manufacturing and product development.
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The most recent tranche of Rs 200 crore has been received by Eka.
EKA Mobility is a company that specializes in the development and production of commercial electric vehicles. Intercity coaches, electric light commercial vehicles, and electric buses in the 7-, 9-, and 12-meter categories comprise its product line.
In order to establish a prominent global OEM in India, EKA, Mitsui, and Dutch technology and manufacturing company VDL Groep entered into a long-term partnership in December of last year. The partnership includes joint investments of $100 million (~ Rs 850 crore) in phases, equity, and technology cooperation. Mitsui will provide investments to EKA Mobility, while VDL Groep will provide technological support and equity partnership.
Sudhir Mehta, Founder, EKA, said: “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,”
About EKA
Founded in 2022 by Sudhir Mehta, EKA, a subsidiary of Pinnacle Industries Ltd, is an automotive & technology company, introducing, sustainable, profitable & efficient new energy commercial vehicles & solutions to accelerate mass adaptation.
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