30-Jun-2022 Source: EHang
EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), the world’s leading autonomous aerial vehicle (“AAV”) technology platform company, today announced it has entered into a strategic partnership with the Guangzhou Branch of Agricultural Bank of China, one of the world’s 10 largest commercial banks (“ABC Guangzhou Branch”). ABC Guangzhou Branch is expected to provide EHang with comprehensive banking services, including indicative credit facilities of RMB1 billion, to support EHang’s operations in China. This partnership with ABC Guangzhou Branch will offer tremendous support for the Company’s long-term sustainable business growth, including on R&D, manufacturing, and sales and operations.
“We are very pleased to enter into a strategic partnership with ABC Guangzhou Branch,” said Huazhi Hu, Founder, Chairman and Chief Executive Officer of EHang. “The RMB1 billion indicative facilities for cooperation will further diversify our funding channels and facilitate our financial flexibility and liquidity to support the continuous execution of our strategic plans and drive our growth momentum in the long run.”
“The strategic partnership with EHang is ABC Guangzhou Branch’s first with an AAV technology company in the emerging UAM sector,” said Dalong Li, Vice President of ABC Guangdong Branch and President of ABC Guangzhou Branch. “We strongly support the improvement of the urban transportation and are committed to providing high-quality financial services to high-tech enterprises in this field. The partnership also demonstrates our determination to actively implement China’s 14th Five-Year Plan and support the development of strategic emerging industries.”