Einride said it will receive an additional $113 million in funding as part of its planned merger with special purpose acquisition company Legato Merger Corp.
The new capital will be raised through a private investment in public equity (PIPE) financing round involving institutional investors. The funding comes in addition to the approximately $219–220 million held in Legato’s trust account that will become available to the combined company once the merger is completed.
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Einride first announced in November that it intended to go public through a merger with the already listed SPAC. The approach allows the company to enter public markets through a faster process than a traditional initial public offering.
Following the transaction, Einride expects to have roughly $333 million in additional equity capital to support international expansion and further development of its electric and autonomous freight operations.
“This PIPE reflects strong investor confidence in Einride’s mission to transform global freight through autonomous and electric technology,” said Roozbeh Charli, Chief Executive of Einride. “With this additional capital, we believe we are well positioned to scale our commercial deployments of electric and autonomous freight solutions with both existing and new customers, while continuing to invest in our automated driving system and intelligent freight platform.”
Founded in Sweden in 2016, Einride focuses on electrified and autonomous transport solutions for freight logistics. The company unveiled its autonomous electric truck platform in 2022, later named the eBot, which operates without a driver’s cab and therefore has no steering wheel, accelerator or brake pedal.
At present, much of Einride’s revenue is generated through the leasing of battery-electric trucks operated by human drivers, along with fleet management and charging software services.
See also: Sweden’s Einride Files Lawsuit Against Maersk Over 2022 Electric Truck Agreement
The company works with logistics and retail customers including Rewe, Kaufland, Carlsberg and Heineken in Europe. It deploys electric trucks from manufacturers such as Daimler Truck and Scania.
Beyond Europe, Einride operates projects in the United States and the United Arab Emirates, including autonomous freight operations at the Port of Jebel Ali.
