Einride stated Wednesday it plans to go public through a merger with a particular objective acquisition firm, simply six weeks after the Swedish electrical and autonomous truck startup raised $100 million from buyers. The SPAC merger with Legato Merger Corp. values Einride at $1.8 billion in pre-money fairness, in response to the businesses.
The deal is anticipated to generate about $219 million in gross proceeds, a determine that doesn’t bear in mind any redemption of Legato’s public shares. The corporate can be searching for as much as $100 million in non-public funding in public fairness (PIPE) capital.
The merger is anticipated to shut within the first half of 2026, with Einride making its debut on the New York Inventory Trade.
Einride was based in 2016 with an ambition to rework the freight business, first with electrical vehicles, then with autonomous electrical autonomous pods — automobiles that lack a steering wheel or pedals designed for self-driving. The corporate, which employed Roozbeh Charli as its new CEO earlier this yr, has been attempting to scale three enterprise strains: electrical massive rigs, autonomous pod-like vehicles that navigate fastened routes, and planning software program designed for shippers.
Einride has had some success in increasing past Sweden. It operates a fleet of 200 heavy-duty electrical vehicles in Europe, North America, and the UAE, for firms like Heineken, PepsiCo, Carlsberg Sweden, and DP World. The corporate has made some inroads with its autonomous pod-like vehicles with clients together with Apotea in Sweden and GE Home equipment in the US.
Einride, which additionally has a U.S. headquarters in Austin, Texas, revealed in its announcement that it has a present annual recurring income (ARR) run charge of about $45 million and a complete contracted base of $65 million ARR from signed buyer contracts.
The corporate’s $100 million elevate, which was introduced in October, was meant to assist the corporate scale with its buyer base and speed up the deployment of its autonomous freight know-how, Charli stated on the time.
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Einride beforehand raised $500 million in 2022 in a Collection C spherical of fairness and debt. The equity-based $200 million portion got here from backers together with Northzone, EQT Ventures, Temasek, Swedish pension fund AMF, Polar Construction, and Norrsken VC. It additionally secured $300 million in debt funding led by Barclays Europe. The $100 million elevate in October included current investor EQT Ventures and quantum computing firm IonQ.
Einride joins different autonomous automobile firms which have pursued SPAC mergers lately to safe further funding.
Aurora, which launched a business self-driving vehicles operation (with a human observer on board), went public through a SPAC merger valued at $13 billion in 2021. Self-driving vehicles startup Kodiak AI took the SPAC highway to the general public market earlier this yr.
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