Swedish electric transport specialist Einride has secured $500 million in funding, which includes both a $200 million Series C equity raise and a $300 million credit facility.
The capital raised via Series C round comes from Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek and includes a $90 million convertible bond raised earlier this year. The backers included new and existing investors, such as Temasek and Northzone, who participated in a $110 million Series B round last year.
The $300 million debt financing signed with Barclays Europe secures long-term funding for the current and future fleet of heavy-duty electric vehicles, according to Einride. The agreement provides for the provision of 150 million USD in the first step, starting in January 2023. It is “the largest asset-backed credit line in the heavy-duty electric transport sector to date”, the Swedish company wrote. It is multi-country and multi-currency and supports Einride’s global fleet in the US and Europe, including further planned expansions.
Briefly on Einride’s business model: the company does aspire to use driverless commercial vehicles and has already developed a corresponding concept vehicle called Pod. Currently, however, one of the company’s core products is the Saga software platform, which acts as an intelligent operating system for the electric (and in the future autonomous) vehicle fleets as well as the charging and connectivity networks. This is designed to help companies get their goods from A to B in a more environmentally friendly and affordable way.
Einride relies on different manufacturers for its electric truck fleets – the company has ordered about 120 Mercedes eActros, 110 electric trucks from Scania and 200 vehicles from BYD. Already well-known customers include Oatly, Lidl Sweden and Maersk, Electrolux and brewer AB InBev.
In September, the Swedish company announced plans to expand to Germany after the USA, as well as to Norway. In Benelux, the push is to be made through AB InBev. Other customers in Belgium, the Netherlands and Luxembourg are to follow soon, according to Einride.
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