China’s Eacon Mining Technology will step up efforts to expand in Australia and other international markets after a circa-US$55 million series C equity funding led by Shanghai-based Richen Capital.
Shanghai-based private equity firm, Shenyin & Wanguo Capital Management, and VC Estar Capital are also said to had participated in the round, which pushed funds raised by Eacon this year past $62 million.
Eacon co-founder and chairman Lei Zhang said the five-year-old company, which has more than 300 of its autonomous mining haul trucks operating in China, was focused on its next stage of large-scale deployment, profitability and global expansion.
“Eacon will continue its dedication to advancing autonomous driving in mining applications, focusing on the productisation of advanced technology and enhancing operational productivity,” Zhang said.
“Simultaneously, Eacon will steadfastly invest in engineering new energy systems for mining trucks.
“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.”
Richen Capital chair Tingfu Wang said Eacon could “rapidly achieve net profitability”.
“The successful operation of 203 unmanned mining trucks in a single mine is evidence of Eacon’s profound expertise in automation,” he said.
Eacon is understood to be targeting the introduction of its autonomous haulage system (AHS) offering in Australia in 2024.
