EHang announced this week it has entered into a strategic partnership with the Agricultural Bank of China (ABC), Guangzhou Branch, that apart from comprehensive banking includes credit facilities of RMB1 billion, reports a press release. RMB1 billion is equivalent to around USD150 million.

This partnership with one of the world’s 10 largest commercial banks, offers important support for the EHang’s long-term sustainable business growth, covering R&D, manufacturing, as well as sales and operations.

Huazhi Hu, Founder, Chairman and CEO of EHang, commented, “The RMB1 billion credit 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.”

Dalong Li, President of ABC Guangdong Branch added, “This partnership is our first with an AAV technology company. 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.”

He continued, “The partnership also demonstrates our determination to actively implement China’s 14th Five-Year Plan and support the development of strategic emerging industries.”

For more information