Hitachi ZeroCarbon has announced a strategic partnership with global banking group MUFG to accelerate the electrification of commercial vehicle fleets by combining technological innovation with financial strength.
The collaboration aims to eliminate the two most significant barriers to widespread EV adoption—upfront capital investment and operational complexity.
The joint initiative targets fleet operators under pressure to decarbonise within tight regulatory and environmental deadlines. Transitioning from diesel-powered vehicles to electric fleets is a capital-intensive process, requiring investments in new vehicles, charging infrastructure, and workforce training. Many businesses face delays in embracing the EV shift due to these financial and operational challenges.
By joining forces, Hitachi ZeroCarbon and MUFG offer an integrated solution. MUFG ensures fleets can scale their electrification seamlessly across markets, while Hitachi’s platform helps operators better understand, manage and optimise their assets. The managed service model ensures long-term asset value, with the ability to reuse or recycle components at the end of each lease.
MUFG business co-creation division managing director Hiroki Miyashita said, “We have a proud history of working closely with Hitachi, and our shared values and business philosophies have driven fundamental transformation across countless industries. We are committed to addressing the barriers in the way of societal progress, and combining our expertise with Hitachi will help the commercial fleet ecosystem decarbonise at speed, and realise the real-time benefits of electrification far more quickly.”
The combined model is already in use by First Bus, a major UK bus operator aiming to transition its 4,500-vehicle fleet to electric by 2035. Through the partnership, the operator has acquired more than 1,000 EV batteries and electrified services for 1,500 buses.
Hitachi ZeroCarbon CEO Ram Ramachander said, “Cost remains the greatest hurdle to fleet electrification. We’re removing that barrier by giving fleet managers the confidence that decarbonisation is not only achievable, but financially viable. With access to financing through partners like MUFG, operators can accelerate progress toward their net zero targets while unlocking new revenue streams. By helping customers optimise their assets, we’re enabling long-term investment returns and creating meaningful commercial value. It’s a win-win, advancing both sustainability and profitability, and making fleet electrification a practical reality.”
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