Tage nabs 400 million yuan in C2 financing

Beijing (Gasgoo)- Tage, the Chinese autonomous driving solutions developer for mining operations, recently announced the successful completion of a 400-million-yuan Series C2 funding round. 

Photo credit: Tage

The investment was led jointly by Hefei Industry Investment Group and a fund backed by CHN Energy Investment Group. Additional participation came from Luxin Venture Capital, Qing Shi Asset Management Group, Beihang Assets Management, and others. 

This funding round represents the largest investment in the Chinese mining-scenario autonomous driving sector this year and surpasses the record for the highest funding amount within a year, totaling 500 million yuan, said Tage.

With this substantial infusion of capital, Tage aims to further enhance its autonomous mining technology and products, adapting them to more complex scenarios while maintaining a competitive edge. The company's vision is centered around the development of next-generation electric and autonomous mining vehicles. Additionally, Tage is poised to accelerate its penetration into the domestic market and actively expand its presence in international mining scenarios.

Tage achieved an impressive record of over 2,000 accident-free days through a holistic approach to safety, encompassing product design, engineering implementation, and management mechanisms. Notably, it became the first in China to operate mining sites without safety personnel for 24 hours, a milestone that has now been replicated in over 10 mining areas.

Furthermore, Tage is set to introduce a hybrid autonomous mining vehicle that reduces energy consumption by over 30%. In the future, the company plans to explore alternative energy sources like methanol to further enhance energy efficiency.