Unmanned Mining Company EACON Secured Over 300 Million Yuan in Funding

Automotive Author: EqualOcean News, Xiaoran Zhang Mar 12, 2024 02:12 PM (GMT+8)

EACON announced over 300 million yuan in new funding, advancing product production and commercialization progress.


On March 12th, unmanned mining company EACON revealed it has secured over 300 million yuan in a new funding round (referred to as C++ round). The funding is led by existing shareholders Xing Hang Guo Tou and Zijin Mining, with additional participation from Zhengzhou Talent Fund. The raised capital will continue to support the research and development of unmanned transport solutions for open-pit mines, accelerating the mass production and international commercialization of unmanned mining products.

Established in 2018, EACON pioneers unmanned driving technology and operational services for mining areas. The company has established deep collaborations with major mining enterprises and operated in five out of the top ten open-pit coal mines in China. EACON is the only company in the industry with the capability to develop complete vehicle control systems and has successfully replicated commercial applications with over a hundred unmanned mining trucks. While expanding further into mining areas, EACON is gradually diversifying its comprehensive operational services, overseeing the operations, management, and maintenance of entire mining areas. By July 2023, EACON achieved mass application with a fleet of over a hundred unmanned mining vehicles. Their newly developed electric unmanned driving platform, "Yu Shi," is currently utilized in nearly 300 line-controlled mining trucks across four models, accumulating a total unmanned driving distance of 4.2 million kilometers.

Apart from domestic expansion, venturing into international markets also appears to be a crucial step of the company's development strategy. Reports suggest that EACON aims to target developed markets overseas and has already deployed a permanent team in Australia, maintaining frequent communication with various mining companies. If successful in penetrating the well-established Australian mining market, EACON's pace towards global market entry may accelerate.

Industry analysts note the growing demand for intelligent mining operations in recent years, with the unmanned mining transport sector benefiting from policy incentives and the emergence of large-scale replication capabilities. In this context, EACON's business has rapidly expanded, completing a total of seven funding rounds since its inception. Notably, including the latest funding round and the prior C and C+ rounds, EACON has raised over 700 million yuan in equity financing within six months. However, irrespective of the industry, the commercialization process entails both risks and opportunities. Regarding the company's future development, Zhang Lei, Co-founder, and Chairman of EACON, stated to the media, "EACON will work hand in hand with our ecological partners to promote the safe, efficient, and sustainable high-quality development of the mining industry."