EHang secures over $22 million in strategic investment
China-based electric vertical take-off and landing (eVTOL) aircraft manufacturer, EHang, recently announced a strategic investment of over $22 million.
The funding comes from Zhuhai Enpower Electric, a prominent Chinese new energy vehicle power systems provider, and an undisclosed institutional investor based in UAE.
Both investors have committed to a 180-day lock-up period.
The latest funding brings EHang’s total financing for 2024 to nearly $100 million.
The funds will be directed towards advancing next-generation eVTOL technologies, scaling production capacity, expanding the team, and establishing new headquarters and operational facilities.
Additionally, the investment will support general corporate activities.
Growing global interest
Furthermore, the investment builds on the company’s recent strategic partnership with Enpower, focused on co-developing high-performance electric motor drive systems for its eVTOLs.
Meanwhile, the UAE-based investor’s involvement highlights the growing international interest in China’s low-altitude economy and EHang’s potential as a global leader in the eVTOL market.
The UAE, one of the company’s largest international markets, already has an intentional order book of 100 units, with five units delivered.
This investor aims to leverage its extensive financial and business networks to support EHang’s expansion in the Middle East and Southeast Asia.
Commenting on the milestone, EHang’s Chief Financial Officer, Conor Yang, said, “We are pleased to announce the strategic investment, which is a testament to the investors’ confidence in EHang’s vision, strength, and industry leadership. With this investment, we are well-positioned to capitalise on the vast opportunities in the UAM market and accelerate our development pace.”
He added, “The strategic investors’ support in the upstream industry chain and in downstream international market development will help us to strengthen our competitive edge. We will continue to push the boundaries of innovation, safety, and sustainability, and work towards making UAM a reality for people around the world.”
Solid-state battery breakthrough
In related news, EHang recently announced a major breakthrough in high-energy solid-state battery technology, achieved in collaboration with the Low-Altitude Economy Battery Research Institute of the Hefei International Advanced Technology Application Promotion Center and Shenzhen Inx Energy Technology Co. Ltd.
The company’s EH216-S eVTOL aircraft, equipped with the advanced solid-state battery, successfully completed a continuous flight test lasting 48 minutes and 10 seconds.
This enhanced flight endurance by 60%-90%, marking a historic milestone as the first pilotless passenger-carrying eVTOL to complete a flight test using solid-state battery technology.