Einride, the electric autonomous truck startup, goes public via SPAC merger
Einride, the Swedish company known for its electric and autonomous trucks, is gearing up to go public through a SPAC merger. This move comes shortly after they secured a cool $100 million in funding from investors.
The deal, which involves merging with Legato Merger Corp., values Einride at a whopping $1.8 billion before any money is added. All in all, they're expecting to rake in around $219 million, though that number could change depending on how many Legato shareholders decide to cash out. Plus, they're looking for an additional $100 million from private investors.
If everything goes according to plan, Einride should be listed on the New York Stock Exchange sometime in the first half of 2026. Since its founding in 2016, the company has been on a mission to shake up the freight industry. They started with electric trucks and then moved on to those futuristic, self-driving pods that don't even have a steering wheel or pedals.
They have a new CEO, Roozbeh Charli, and Einride is trying to grow in three main areas: electric big rigs, autonomous pods for specific routes, and software to help companies plan their shipping. What I find interesting is the focus on both electric and autonomous solutions. It's like they're betting on a future where transportation is not only greener but also more efficient.
Einride has had some success beyond Sweden, with 200 heavy-duty electric trucks in Europe, North America, and the UAE, working for big names like Heineken and PepsiCo. They've also started using their autonomous pods with companies like Apotea in Sweden and GE Appliances in the U.S.
The company also mentioned that they're currently making about $45 million in recurring revenue each year, with $65 million locked in from customer contracts. That $100 million they raised recently is supposed to help them grow with their customers and speed up the development of their self-driving tech, according to Charli.
Back in 2022, Einride raised $500 million in a Series C round, with investments from Northzone, EQT Ventures, and others. They also got $300 million in debt funding from Barclays Europe. The most recent $100 million included money from EQT Ventures and IonQ, a quantum computing company. It's fascinating to see the variety of investors backing this venture.
Einride is following in the footsteps of other autonomous vehicle companies that have gone public through SPAC mergers to get more funding. It seems like a popular route for companies in this space, although it's not without its risks. Will Einride be able to deliver on its promises and revolutionize the freight industry? Only time will tell.
Source: TechCrunch