Hitachi, Ltd. and MUFG Bank, Ltd. have announced a new Memorandum of Understanding (MoU) to expand their NextGen business co-creation model, aimed at accelerating the transition to decarbonized mobility. This collaboration builds on their previous efforts initiated in May 2024 and further developed in May 2025.
The NextGen model combines Hitachi's technology and operational expertise with MUFG's financial capabilities. Initially validated through a UK pilot project with First Bus, the model supported the procurement and operation of electrification assets under a Battery-as-a-Service model. The expanded MoU aims to extend NextGen beyond battery-focused structures, enabling broader deployment across additional markets outside the UK and a wider range of asset classes, including electric vehicles, charging infrastructure, energy management systems, and potentially energy hubs for industrial assets, power grids, and data centers.
Hitachi and MUFG Bank will develop and scale special purpose vehicle (SPV) structures to finance decarbonized mobility assets for fleet and transport operators. This approach is designed to remove capital constraints and accelerate implementation, allowing operators to concentrate on their core transport services. Hitachi's Strategic SIB Business Unit will lead the initiative, leveraging expertise from across the company, including Hitachi Energy, to provide managed services for asset performance and lifecycle optimization.
The initiative aims to advance and streamline mobility and charging infrastructure operations by expanding HMAX by Hitachi, a suite of next-generation solutions that includes Lumada 3.0. This effort is part of a broader strategy to address the challenges faced by fleet operators, such as limited access to capital and the operational complexity of transitioning to electrified transport at scale.
Global investment in electrified transport reached approximately $750 billion in 2024, making it the largest segment of the energy transition worldwide. Against this backdrop, Hitachi and MUFG Bank aim to expand NextGen as a repeatable model, combining structured asset financing with managed services and data-driven optimization.
As part of the expanded pipeline, Hitachi ZeroCarbon and MUFG Bank have also entered into an MoU with Boreal Norge AS and its subsidiary Boreal Buss AS, a major transport operator in Norway. The parties will explore ways to support Boreal's transition planning, de-risk operations, optimize services, and enhance competitiveness as concessions evolve.
Jun Taniguchi, Senior Vice President and Executive Officer at Hitachi, expressed enthusiasm for the partnership, highlighting the integration of Hitachi's expertise in social infrastructure and digital technologies with MUFG Bank's financial strength to accelerate the transition to a decarbonized society. Masakazu Osawa, Senior Managing Executive Officer at MUFG Bank, emphasized the collaboration's focus on creating value through strategic partnerships that improve society and the environment, particularly in the global EV market.
Nikolai Knudsmoen Utheim, Group CEO of Boreal Norge AS, noted the priority of delivering first-class transport services and the potential for electrified fleets to enhance sustainability and infrastructure, integrating technology across the business model for more efficient transport and energy management.