Self-driving trucks startup Einride plans to go public via a SPAC

Self-driving trucks startup Einride plans to go public via a SPAC

Einride said Wednesday it plans to go public via a merger with a particular goal acquisition company, just six weeks after the Swedish electrical and autonomous truck startup raised $100 million from traders. The SPAC merger with Legato Merger Corp. values Einride at $1.8 billion in pre-money fairness, according to the firms.

The deal is predicted to generate about $219 million in gross proceeds, a determine that doesn’t have in mind any redemption of Legato’s public shares. The company is also looking for up to $100 million in non-public funding in public fairness (PIPE) capital.

The merger is predicted to shut in the first half of 2026, with Einride making its debut on the New York Stock Exchange.

Einride was based in 2016 with an ambition to remodel the freight business, first with electrical trucks, then with autonomous electrical autonomous pods — automobiles that lack a steering wheel or pedals designed for self-driving. The company, which employed Roozbeh Charli as its new CEO earlier this yr, has been attempting to scale three enterprise traces: electrical big rigs, autonomous pod-like trucks that navigate mounted routes, and planning software designed for shippers.

Einride has had some success in increasing past Sweden. It operates a fleet of 200 heavy-duty electrical trucks in Europe, North America, and the UAE, for firms like Heineken, PepsiCo, Carlsberg Sweden, and DP World. The company has made some inroads with its autonomous pod-like trucks with clients including Apotea in Sweden and GE Appliances in the United States.

Einride, which also has a U.S. headquarters in Austin, Texas, revealed in its announcement that it has a current annual recurring income (ARR) run price of about $45 million and a complete contracted base of $65 million ARR from signed buyer contracts.

The company’s $100 million elevate, which was announced in October, was meant to assist the company scale with its buyer base and speed up the deployment of its autonomous freight technology, Charli said at the time.

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Einride beforehand raised $500 million in 2022 in a Series C round of fairness and debt. The equity-based $200 million portion got here from backers including Northzone, EQT Ventures, Temasek, Swedish pension fund AMF, Polar Structure, and Norrsken VC. It also secured $300 million in debt funding led by Barclays Europe. The $100 million elevate in October included present investor EQT Ventures and quantum computing company IonQ.

Einride joins other autonomous automobile firms that have pursued SPAC mergers lately to safe further funding.

Aurora, which launched a industrial self-driving trucks operation (with a human observer on board), went public via a SPAC merger valued at $13 billion in 2021. Self-driving trucks startup Kodiak AI took the SPAC highway to the public market earlier this yr.

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