Hitachi Ltd. and MUFG Bank have signed a Memorandum of Understanding to expand their NextGen co-creation model, aimed at accelerating the transition to decarbonised mobility through integrated financing and technology solutions.

The expanded model builds on earlier collaboration and will now extend beyond battery-focused solutions to include electric vehicles, charging infrastructure, energy management systems and related assets across multiple global markets.

The initiative addresses key barriers to electrification, including access to capital and operational complexity, by deploying special purpose vehicle (SPV) structures to finance assets for fleet and transport operators. This enables operators to adopt electrification without upfront capital constraints.

Hitachi will contribute technology and operational expertise, including asset lifecycle management and data-driven optimisation through its digital platforms, while MUFG Bank will provide structured financing solutions.

Commenting on the development, Jun Taniguchi, CEO of Strategic SIB Business Unit, Hitachi, said, “We are delighted to advance this partnership which combines Hitachi’s deep expertise in social infrastructure and digital technologies with MUFG Bank, Ltd.’s financial strength to accelerate the transition to a decarbonized society. By improving the performance of assets such as batteries and charging infrastructure through Hitachi’s digital services led by HMAX, we can truly help customers optimize the total cost of ownership. This partnership embodies our One Hitachi approach, leveraging our diverse capabilities across the Group to support our customers in achieving their net-zero ambitions.”

Masakazu Osawa, Senior Managing Executive Officer, MUFG Bank, added, “Building on MUFG’s Business Co-Creation and Investment approach, this collaboration with Hitachi aims to create value through strategic partnerships that improve society and the environment. For the global EV market, our focus is not only on strengthening Hitachi’s leading position in Battery as a Service, but also on fostering a holistic value chain — including second-life battery markets — that supports the acceleration of electric mobility and the achievement of 2050 net-zero targets. Together with our partners, we are committed to co-creating sustainable businesses that become a driving force for progress worldwide.”

As part of the expanded pipeline, the companies have also entered into an MoU with Boreal Norge AS to explore electrification of transport fleets and infrastructure in Norway.

The partnership reflects growing global investment in electrified transport and aims to scale deployment through a combination of financing innovation, digital solutions and operational expertise.