- EHang Holdings ( NASDAQ: EH ) announced its strategic partnership with Qingdao West Coast New Area, one of China’s national new areas in Shandong province.
- This partnership comes with a binding $10M equity investment and a potential additional investment of $10M in the future.
- Through this strategic partnership, EHang ( EH ) plans to develop its AAV business and the urban air mobility industry and market in Qingdao with the goal to make Qingdao a world-class UAM application demonstration area.
- Additionally, the company intends to establish a Northeast Asia regional headquarters as well as a national firefighting business center in Qingdao West Coast New Area.
- the private placement is expected to close in Q1 2023.
For further details see:
EHang partners with Qingdao West Coast New Area