Einride to Become Public Through $1.8 Billion SPAC Merger, Expanding Worldwide

Post by : Bianca Suleiman

Swedish innovator in electric and autonomous trucking, Einride, is preparing for a public offering via a SPAC merger with Legato Merger Corp., just six weeks post a substantial $100 million investment round. This merger, which values Einride at $1.8 billion pre-money, is expected to yield approximately $219 million in gross proceeds, excluding any potential redemption of Legato’s shares. The company is also considering up to $100 million in private investment in public equity (PIPE).

Founded in 2016, Einride aims to revolutionize the freight industry with its dual approach of electric trucks and fully autonomous, pod-like vehicles that eliminate the need for steering wheels or pedals. This expansion has taken the company beyond Sweden, boasting a fleet of 200 electric trucks across Europe, North America, and the UAE. Notable partners include Heineken, PepsiCo, Carlsberg Sweden, and DP World. Moreover, its autonomous pods have begun to gain traction with early adopters like Apotea in Sweden and GE Appliances in the U.S.

Earlier this year, Roozbeh Charli was appointed CEO to guide the next phase of growth. Under his stewardship, Einride reported an annual recurring revenue (ARR) run rate of about $45 million and a total contracted ARR of $65 million from existing agreements. The recent $100 million funding round focuses on enhancing fleet capacity and advancing autonomous technology, with further investments from prominent backers such as EQT Ventures and IonQ.

The firm raised $500 million in 2022 through an amalgamation of equity and debt financing to support technology development and fleet expansion. With the SPAC merger set to conclude in the first half of 2026, Einride looks forward to its entry on the New York Stock Exchange, joining the trend of autonomous vehicle companies utilizing SPACs for a swift transition to the public market.

As the electric and autonomous freight industry gains traction, Einride's forthcoming public listing could mark a significant milestone for sustainable logistics globally, underlining the increasing demand for greener and more efficient transportation alternatives.