Autonomous Driving Innovator EACON Secures $44.5 Million in Series C++ Funding, Surpassing $97.3 Million Raised in 6 Months
BEIJING, March 14, 2024 /PRNewswire/ -- EACON, a leading company in autonomous driving for mining, has secured $44.5 million USD in Series C++ financing, led by Zijin Mining. With the completion of Series C and Series C+ financing, EACON has raised a total of $97.3 million USD in equity financing within 6 months.
By integrating cutting-edge autonomous driving technology with robust on-site operational capabilities, EACON offers an OEM-agnostic, field-proven solution for autonomous haulage and zero-emission truck engineering. EACON has implemented autonomous truck fleets in four of China's top ten open-pit coal mines. As of February 2024, there are 304 trucks with a combined mileage of 6.5 million kilometers, ensuring safe operation for six consecutive years. Among them, 245 trucks are electric battery and hybrid haulage trucks.
Zijin Mining is a leading global multinational mining group primarily engaged in metal mining businesses such as copper, gold, zinc, silver, and lithium. Chen Jinghe, Chairman of Zijin Mining Group, emphasized that the advancement of 'carbon peak and carbon neutrality' objectives has spurred significant transformation within the global mining sector, with autonomous driving technology and new energy trucks playing pivotal roles. With robust R&D capabilities and experience in clean energy and autonomous mining trucks, EACON is well-positioned for global market entry. Zijin Mining intends to leverage its industry resources alongside EACON's solutions for both its domestic and overseas mine sites.
Zhang Lei, Co-founder and Chairman of EACON, stated that the successful completion of the 97.3 million USD financing within 6 months reflects the positive recognition of EACON by the market and industry. Zijin has many mines located on plateaus, which are remote and feature low oxygen levels due to the high altitude. EACON hopes to provide solutions for mining operations in these areas through autonomous driving in the future.
In 2024, EACON expects to expand to 1000 autonomous trucks and plans to launch a pilot project in Australia as its first step to expand its global market. EACON will also provide Drive-by-Wire Control Kits and solutions for autonomous driving systems. Currently, a Drive-by-Wire (DbW) kit for the Komatsu HD785-7 truck is under design.
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SOURCE EACON Mining Technology
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