Mitsui & Co. ('Mitsui') announced today it is the lead investor in the JPY1.3 billion Series B funding of EV Connect Inc., a major provider of electric vehicle ('EV') charging and software in the United States.
The investment is part of Mitsui's strategy to expand its footprint in this key growth area which is expected to see sales of electric vehicles in the United States jump from about 300,000 today to 11 million in 2040, accounting for about 50% of all new car sales.
EV Connect provides innovative EV charging technology to businesses and organisations with growing EV fleets. It has set up more than 6,000 EV charging stations for clients such as Dell, Yahoo!, Hilton, Marriott, Western Digital, the Los Angeles Metropolitan Transportation Authority, and the New York Power Authority.
The company is also collaborating with Evie Networks to build Australia's largest EV charging corridor in the country's major highways.
Kazumasa Nakai, Chief Operating Officer of Infrastructure Projects Business Unit, at Mitsui & Co said: "This investment will support the growth of EV Connect globally using our global network while our expertise in power infrastructure and energy management will help integrate growing EV charging demands into entire power systems and structures."
Mitsui has also signed a commercial agreement with EV Connect to jointly develop new business models on EV charging infrastructure.
The investment is another example of Mitsui's growing involvement in businesses with foundations in the environment and health sectors as the company takes a well-balanced, long-term perspective, supporting sustainable economic and social development and contributing to an eco-friendly society.
Mitsui's previous investments in EV include Smart E, India's first and largest three-wheeler electric mobility service, as well as The Mobility House, Germany's leading provider of EV charging solutions.
About EV Connect
EV Connect is the home of the most innovative, robust, and feature-rich cloud-based software platform for managing electric vehicle (EV) charging stations, their interaction with utilities and the driver experience. The world's largest companies from enterprise, to hospitality and retail, to universities and government facilities leverage the EV Connect platform to bring simplicity and flexibility to their EV charging initiatives. Established in 2009, EV Connect customers include Yahoo!, Marriott, Hilton, Western Digital, Electrify America, ADP, Los Angeles Metropolitan Transportation Authority, New York Power Authority, and numerous municipalities. For more information, please visit www.evconnect.com.
About Mitsui
Mitsui & Co. (8031: JP) is one of the largest and most prominent global trading and investment companies. Founded in Japan in 1947, the Group maintains a unique, unobstructed view of international markets through its worldwide network spanning across 66 countries, with a diversified business portfolio stretching across six key sectors.
Working in partnership with many of the world's most prominent private companies, Mitsui & Co.'s outstanding long-term performance is founded on its core business areas of Energy and Resources, Machinery & Infrastructure, and Chemicals. These strong and expanding legacy businesses provide a stable platform across bold and increasingly innovative areas of Mobility, Healthcare, Nutrition & Agriculture, and Retail & Services.
Mitsui & Co.'s success is also founded on its adaptable approach to partnerships, which offers it unparalleled insights into the world's broad economic drivers. These insights enable Mitsui leaders to identify trends and opportunities for growth while driving effective collaboration across its businesses to harness synergies and realize additional value.
