EACON’s $44.5M Funding Boost

EACON, an autonomous driving pioneer in the mining sector, has successfully raised $44.5 million in Series C++ financing, demonstrating significant progress in the field. This latest funding round, led by Zijin Mining, marks a milestone, bringing EACON’s total equity financing to $97.3 million in just six months. The company’s dedication to integrating advanced autonomous driving technology with strong operational capabilities in the field has set a new standard in OEM-agnostic, autonomous haulage solutions and zero-emission truck engineering.

Key Highlights:

  • EACON secures $44.5 million in Series C++ funding, totaling $97.3 million in six months.
  • Funding led by Zijin Mining, a global leader in metal mining.
  • EACON’s technology is implemented in four of China’s top ten open-pit coal mines, with 304 autonomous trucks achieving 6.5 million kilometers of safe operation.
  • Plans for expansion to 1,000 autonomous trucks and launch in the Australian market.

EACON’s innovative approach has revolutionized autonomous haulage in mining, with its solutions now operational in China’s leading open-pit coal mines. As of February 2024, the company boasts a fleet of 304 autonomous trucks, covering a combined mileage of 6.5 million kilometers and maintaining a stellar safety record over six years. A significant portion of these trucks are environmentally friendly, comprising 245 electric battery and hybrid haulage trucks.

Zijin Mining, a significant stakeholder in EACON’s journey, is a prestigious multinational mining group with interests in various metals. Chen Jinghe, the group’s chairman, highlights the transformative impact of autonomous driving technology and new energy trucks on achieving carbon neutrality goals in the mining industry. He envisions leveraging EACON’s autonomous mining solutions and clean energy expertise for Zijin’s mining operations worldwide.

Zhang Lei, EACON’s Co-founder and Chairman, views the successful fundraising as a testament to the industry’s confidence in EACON’s vision and capabilities. He underscored the potential of autonomous driving technology to address the challenges faced by mining operations in remote, high-altitude regions.

Looking ahead to 2024, EACON is setting ambitious goals, including expanding its fleet to 1,000 autonomous trucks and initiating a pilot project in Australia, marking its first foray into the global market. Furthermore, the company is focused on developing Drive-by-Wire (DbW) Control Kits for autonomous systems, with a specific kit for the Komatsu HD785-7 truck currently in design, signaling EACON’s commitment to innovation and global expansion.

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Self Drive News
Self Drive News

Self Drive News is a premier B2B digital resource meticulously curated for industry professionals, stakeholders, and enthusiasts in the rapidly accelerating world of autonomous vehicles. Rooted in innovation and forward-thinking, we deliver insightful, reliable, and up-to-the-minute news, connecting the diverse and dynamic strands of the autonomous vehicle industry under one interactive platform.