06:34 AM EST, 11/14/2024 (MT Newswires) -- EHang ( EH ) said Thursday that it has raised $22 million from Zhuhai Enpower Electric and an unidentified UAE-based institutional investor in a private investment in public equity, or PIPE transaction.

Both investors have committed to a 180-day lock-up period, EHang ( EH ) said.

EHang ( EH ) said it will co-develop with Zhuhai Enpower Electric high-performance electric motor drive systems for its suite of electric vertical take-off and landing, or eVTOL aircraft.

The UAE-based institutional investor will support EHang's ( EH ) international expansion in other countries in the Middle East as well as in Southeast Asia, the company said.