EACON, a leading company in mining autonomous driving, has received another 44.5 million USD in Series C++ financing, led by Zijin Mining and Minxi Xinghang. The funds will be used for technology and product R&D and mining area operation management. Including series C and series C+ financing, EACON has completed equity financing of 97.3 million USD within 6 months.
Founded in May 2018, EACON is a leading autonomous haulage solution company that empowers the most traditional mining industry with the most advanced technology. By combining cutting-edge autonomous driving technology with strong on-site operational capabilities, EACON provides an OEM-agnostic, field-proven solution for autonomous haulage and zero-emission truck engineering. Currently, EACON has deployed autonomous truck fleets in 4 of China’s top 10 open-pit coal mines. As of February 2024, there are 304 trucks with a total mileage of 6.5 million kilometers, ensuring safe operation for 6 consecutive years.
The investor, Zijin Mining, is a leading global multinational mining group mainly engaged in metal mining businesses such as copper, gold, zinc, silver, and lithium. Currently, Zijin Mining has investment projects in China and 15 other countries, with a market value of around $41.7 billion USD. Chen Jinghe, Chairman of Zijin Mining Group, emphasized that the advancement of ‘carbon peak and carbon neutrality’ objectives has sparked significant transformation within the global mining sector, where autonomous driving technology, coupled with new energy trucks, is playing a pivotal role. Furthermore, EACON possesses cutting-edge technology verified through real-world production. With robust R&D capabilities and experience in clean energy and autonomous mining trucks, EACON is poised for global market entry. Zijin Mining will leverage its industry resources alongside EACON’s solution for its domestic and overseas mine sites.
Minxi Xinghang’s business scope spans mineral metallurgy, equity investment, site construction, new energy and materials, water conservancy and power, and transportation operations. Chairman Li Jian expressed aspirations to seize additional business prospects both domestically and internationally alongside EACON in the future.
Zijin Mining and Minxi Xinghang have been continuously investing in EACON since Series Pre-A round in EACON’s early stage, and are optimistic about the future of autonomous driving in mining and firmly acknowledge the strategy roadmap of EACON.
EACON has been actively promoting the development of zero carbonization. As of February 2024, EACON has deployed 245 electric battery and hybrid battery haulage trucks. In 2023, EACON developed a zero emission, fully autonomous haulage fleet for a sand and gravel aggregate mine in Fushan, Shandong. The fleet has reduced carbon emissions by over 2,200 tons while operating safely and stably for the past 350 days.
EY60 Electric Mining Truck Conducted 350+ Days Safe Operation in Fushan Quarry
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 not only remote but also feature low oxygen levels due to the high altitude. This environment can cause discomfort for mining workers who are not accustomed to it. EACON hopes to provide solutions for mining operations in these areas through autonomous driving technology in the future.
It is expected that by the end of 2024, the number of EACON autonomous driving trucks deployed will reach 1000. On one hand, the fleet expansion will come from EACON’s steadfast deployment of new energy autonomous driving vehicles, enabling mines to achieve sustainable low-carbon operations. On the other hand, EACON will also retrofit existing fleets, providing Drive-by-Wire Control Kits and solutions for autonomous driving systems. Currently, a DbW kit of Komatsu HD785-7 truck is under design.
In 2024, EACON plans to launch a pilot project in Australia to expand its global market. The commitment remains strong to deliver to a safe, intelligent, and sustainable future for the global mining industry.