On October 30, 2018, a Memorandum of Understanding (MOU) signing ceremony was held between Mitsui & Co., Ltd ("Mitsui"), Indian manufacturer of bicycles and bicycle related products, Hero Cycles Limited ("Hero Cycles"), and manufacturer of transport equipment including electric assist bicycles, Yamaha Motor Co., Ltd. ("Yamaha Motor Co"), following the decision to jointly examine the feasibility of an electric assist bicycle business in India. Hero Cycles is a top manufacturer with world-leading manufacturing scale in the field of bicycles and bicycle parts manufacturing, and Yamaha Motor Co is a leader in the production of power assist electric bicycles in Japan. Through this collaboration, Mitsui will aim to develop a global electric assist bicycle business.

To examine the feasibility of the electric assist bicycle business, the three companies will develop products tailored to the specific market characteristics and environment of the target country, based on a survey of local laws and consumer preferences. Yamaha Motor Co will provide Electric Drive Units (EDU), the power system of electric assist bicycles, and Hero Cycles will design and manufacture the bicycles which incorporate these EDUs. Mitsui & Co. will take on the role of comprehensive support for the consideration of project feasibility, utilizing its network and accumulated knowledge of the worldwide mobility field.

With widespread efforts to tackle air pollution amid increased awareness of the environment, and as the shift towards the electrification of mobility and a sharing economy gathers speed, electric assist bicycles have high hidden potential. Though this project, Mitsui will continue working to contribute to the realization of an environmentally friendly mobility society.