AAV Leader EHang Announces $23M Private Placement Led by South Korean Entrepreneur Lee Soo Man
DRONELIFE Staff Writer Ian M. Crosby
Autonomous Aircraft (“AAV”) Technology Platform Leader EHang Holdings announced that it has entered into a private placement agreement with several strategic investors led by South Korean record producer and SM Entertainment founder Lee Soo-man for a total of US$23 million.
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EHang will receive a deposit of 80% of the total purchase price from investors on the proposed offering and the transaction is expected to close in Q3 2023. In addition to the private placement, Lee Soo Man plans to work with EHang. We will leverage the strengths of both parties to promote the development of urban air mobility in the Asia-Pacific region.
EHang will use the gross proceeds from this placement for working capital and general corporate purposes, enabling accelerated strategic planning for technological advancement, business development, and post-certification commercial operations. These advancements will allow EHang to consolidate his position as a leader in the UAM industry worldwide.
EHang Founder, Chairman and CEO Huazhi Hu said: “We are thrilled to have a long-term strategic investor and partner like Mr. Lee who shares the same values and commitment in our journey. It is a testament to our confidence and belief in our vision and vision, which will propel us to the next stage of growth.”
“As a pioneer and leading innovator in an emerging UAM industry with great potential, we thank EHang for its unwavering dedication to bringing safe, autonomous and environmentally friendly air mobility to the masses. said Lee Soo Man. “As a long-term investor, I am excited to take advantage of the opportunities through our investment and cooperation with EHang and contribute to EHang’s growth. I look forward to it and am proud to be a part of it.”
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Ian attended Dominican University in California and graduated with a BA in English in 2019. With her lifelong passion for writing and storytelling and keen interest in technology, she now contributes to her DroneLife as a staff writer.
Miriam McNabb, editor-in-chief of DRONELIFE and CEO of professional drone services marketplace JobForDrones, is a keen observer of the emerging drone industry and drone regulatory environment. Miriam is an international speaker and industry recognized figure, with over 3,000 articles focused on the commercial drone space. Miriam has a degree from the University of Chicago and he has over 20 years of experience in high tech sales and marketing new technologies.
For drone industry consulting or writing, email Miriam.
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