Autonomous trucking tech provider Einride to go public in $1.8bn SPAC merger

Einride, a Swedish autonomous trucking exertion company, has planned a US listing valuing the concern astatine $1.8bn.

The listing volition hap done a merger with peculiar intent acquisition institution (SPAC) Legato Merger Corp III.

The woody is expected to make astir $219m successful gross proceeds earlier redemptions, costs, oregon further financing, alongside a targeted $100m backstage concern successful nationalist equity.

It is besides supported by $100m successful antecedently raised crossover backing from existing and caller investors, including a West Coast planetary plus manager, EQT Ventures, and NordicNinja.

Founded successful 2016 and headquartered successful Stockholm, with US office successful Austin, Einride helps planetary shippers modulation to electrical and autonomous logistics.

Its exemplary pairs Freight-Capacity-as-a-Service (FCaaS) with software-as-a-service (SaaS), utilizing an artificial quality (AI) level to negociate electrical and autonomous operations end-to-end.

FCaaS provides freight services utilizing some driver-operated and autonomous heavy-duty electrical trucks, portion its SaaS licenses readying bundle and a proprietary autonomous driving system.

The US, Einride’s second-largest market, remains a absorption for concern successful autonomous deployments, home proviso chains, R&D, and occupation creation, supported by favourable argumentation and a beardown ecosystem, according to the group.

Einride CEO Roozbeh Charli said: “We’ve proven the technology, built spot with planetary customers, and shown that autonomous and electrical operations are not conscionable possible, but better.

“This transaction positions america to accelerate our planetary enlargement and proceed to present with velocity and precision for our customers. The instauration is built, the request is clear, and our absorption is connected execution and delivering the aboriginal of freight.”

Post-merger, the combined institution plans to proceed serving much than 25 endeavor customers, negociate and turn its astir 200-vehicle EV fleet, and standard autonomous programmes with partners specified arsenic GE Appliances and Apotea.

Einride’s existent enactment volition stay successful place.

Both boards person unanimously approved the transaction, which is expected to adjacent successful the archetypal fractional of 2026, taxable to regulatory approvals.

Upon completion, existing Einride shareholders are expected to ain astir 83% of the combined company.

Legato main SPAC serviceman Eric Rosenfeld added: “Einride's proven lawsuit relationships, regulatory achievements, and exertion level presumption the Company to beryllium a person successful the translation of the freight industry.

“We judge that the marketplace fundamentals are strong, the timing is right, and Einride has the operational excellence to capitalise connected this monolithic displacement successful however goods determination astir the world.”