EACON Mining Technology Secures $55.22M in Funding to Propel Autonomous Haulage Solutions

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BEIJING, Nov. 21, 2023 /PRNewswire/ -- EACON Mining Technology, a frontrunner in autonomous haulage solutions (AHS), has successfully closed its C round of equity funding, securing an impressive sum of approximately $55.22 million. Spearheaded by Richen Capital, with significant contributions from Shenyin&Wanguo Capital Management and existing investors like ESTAR Capital, this investment brings EACON's total financing for 2023 to around $62.13 million.

The substantial backing reflects investor confidence in EACON's capabilities for large-scale deployment of its AHS product. EACON now has 304 autonomous trucks in operation, with a total of 4.2 million kilometers driven autonomously and an impeccable safety record upheld for over five years.

Richen Capital has investments in over eighty top players in AI and self-driving industries. Richen Capital's co-founder and chairman, Mr. Tingfu Wang, expressed confidence in EACON's profitability potential.

"The successful operation of 203 unmanned mining trucks in a single mine is evidence of EACON's profound expertise in automation. I believe EACON will rapidly achieve net profitability." he says.

The General Manager of Shenyin&Wanguo Capital Management, stated that following a technological breakthrough, the subsequent phase involves large-scale commercialization—a process repeatedly validated across numerous 'hard tech' industries.

After visiting multiple mine sites with EACON's autonomous trucks, he expressed strong confidence in EACON's future, and he firmly believes that EACON's AHS solution has reached maturity and is now poised for rapid scaling.

Lei Zhang, co-founder and chairman of EACON Mining Technology, says "the investment scenario in autonomous driving has shifted to a more rational and composed state. The recent backing from several top-tier institutions further solidifies EACON's leadership in this industry."

Alongside autonomy, EACON has developed the EACON 136, a hybrid electric + Drive-by-wire platform. A vehicle manufacturer partner produced and delivered 225 autonomous trucks, EL100, equipped with this platform, achieving up to 30% in maximum fuel savings.

"EACON will continue its dedication to advancing autonomous driving in mining applications, focusing on the productization of advanced technology and enhancing operational productivity. Simultaneously, EACON will steadfastly invest in engineering new energy systems for mining trucks." says Zhang.

Looking forward, with an office established in Perth, Australia, EACON is poised to broaden its presence in additional overseas markets. The commitment remains strong to deliver to a safe, intelligent, and sustainable future for the global mining industry.

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SOURCE EACON Mining Technology