Swedish startup Einride, known for its electric and self-driving trucks, is hitting the public markets via a merger with special purpose acquisition company (SPAC) Legato Merger Corp. The deal values Einride at $1.8 billion before taking into account additional investments. This move comes just six weeks after the company raised another $100 million from investors.
The proposed merger could inject around $219 million into Einride’s coffers, with the potential for an additional $100 million through private investment in public equity (PIPE) financing. Einride anticipates its debut on the New York Stock Exchange during the first half of 2026.
Founded in 2016, Einride has focused on revolutionizing the freight industry with a two-pronged approach: first, electric trucks and then autonomous, driverless versions. The company, now led by CEO Roozbeh Charli who joined earlier this year, is currently pursuing three main business avenues:
- Electric Big Rigs: Einride operates a fleet of 200 heavy-duty electric trucks across Europe, North America, and the UAE, serving well-known clients like Heineken, PepsiCo, Carlsberg Sweden, and DP World.
- Autonomous Pod Trucks: These driverless vehicles, designed for fixed routes, have secured customers such as Apotea in Sweden and GE Appliances in the United States.
- Logistics Software: Einride offers planning software specifically tailored to shippers’ needs.
While expanding beyond its Swedish roots, Einride boasts a current annual recurring revenue (ARR) of approximately $45 million, with signed customer contracts amounting to a total contracted ARR of $65 million.
This SPAC move follows a significant funding round in October where Einride secured an additional $100 million to accelerate deployment of its autonomous technology and expand its customer base. Prior to that, the company raised a substantial $500 million in 2022, comprising both equity ($200 million) and debt ($300 million) funding.
Einride’s decision to go public via a SPAC mirrors the strategies adopted by other autonomous vehicle companies seeking substantial capital injections in recent years.
