Swedish autonomous trucking company Einride announced it will go public in the United States through a merger with Legato Merger Corp III, valuing the company at about $1.8 billion, according to a report by Reuters. The transaction marks a significant step for the company as it seeks to expand its autonomous and electric freight transport business globally.
The listing follows a previous wave of electric-vehicle startups that went public through special purpose acquisition companies (SPACs) during the pandemic-era boom. Many of those firms, including Nikola, Lordstown Motors, and Proterra, have since filed for bankruptcy due to intense competition, operational difficulties, and rising costs that drained cash reserves.
See also: Einride and PostNord Double Electric Freight Operations in Norway
In contrast, autonomous freight firms such as Einride are focusing on automating logistics and freight delivery amid growing demand for faster and more sustainable transport solutions.
Einride CEO Roozbeh Charli told Reuters that the company maintains a “multi-sourcing strategy across all of our important input goods,” indicating confidence in managing supply chain and cost challenges. As part of the SPAC merger, Einride plans to raise up to $100 million in private investment in public equity (PIPE) to accelerate growth. The deal also builds on the $100 million funding round completed in October, backed by investors such as EQT Ventures.
Founded in 2016, Einride has $65 million in contracted annual recurring revenue (ARR), with around $45 million already deployed, and roughly $800 million in ARR equivalent under scaling agreements with customers. After the merger, existing shareholders — including EQT and Ericsson — are expected to hold about 83% of the company’s equity, while the current management team will continue to lead operations.
A SPAC (special purpose acquisition company) is a shell entity that raises funds through an initial public offering (IPO) to merge with a private company, providing a faster route to public markets compared to a traditional IPO.
