Einride secures additional $113 million in SPAC listing

Einride, a provider of electric and autonomous heavy-duty transport solutions, is set to receive an additional capital injection of $113 million as part of its planned merger with special purpose acquisition company Legato. The new funding comes on top of the $220 million that Legato is contributing to the transaction.

Einride announced in November that it was pursuing a SPAC listing through a merger with Legato. By combining with the already listed special purpose acquisition company, Einride aims to accelerate its stock market debut and avoid the more complex process typically associated with a traditional initial public offering.

Further details of the transaction have now been disclosed. In addition to gaining access to the previously communicated $219–220 million held in Legato’s trust account, the combined company will secure a further $113 million in fresh capital. The additional funds will be raised through a PIPE (Private Investment in Public Equity) financing round, involving a private placement of shares with institutional investors ahead of the public listing.

Following completion of the merger, Einride expects to have approximately $333 million in additional equity capital at its disposal to support its international growth and expansion of 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 centres its strategy on enabling fully autonomous freight transport. In 2022, the company presented its self-developed autonomous electric truck, the Gen 2 Rigid Large, later renamed the eBot. The fully electric vehicle dispenses with a driver’s cab and therefore has no steering wheel, accelerator or brake pedal, creating additional cargo space compared to conventional trucks.

Currently, Einride generates most of its revenue from leasing battery-electric trucks operated by human drivers and from providing fleet management and charging software. In Europe, the company works with customers including Rewe, Kaufland, Carlsberg and Heineken, deploying electric trucks from manufacturers such as Daimler Truck and Scania. Beyond Europe, Einride operates in the United States and in the United Arab Emirates, including projects at the Port of Jebel Ali in Dubai.

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