Einride Raises $110M for US Expansion

Einride Secures $110 Million for Expansion

Einride, a Swedish company pioneering electric and autonomous freight transport with its uniquely designed pods, has successfully raised $110 million in funding. This investment will be utilized to accelerate the company’s growth throughout Europe and facilitate its entry into the United States market.

Series B Funding Details

This Series B funding round significantly surpasses Einride’s prior funding achievements of $10 million in 2020 and $25 million in 2019. The investment includes participation from new investors such as Temasek, Soros Fund Management LLC, Northzone, and Maersk Growth.

Existing investors, including EQT Ventures, Plum Alley, Norrsken VC, Ericsson, and NordicNinja VC, also contributed to this funding round. To date, Einride has amassed a total of $150 million in funding.

The company has not publicly disclosed its post-money valuation following this funding round.

Vehicle Portfolio and Operational Overview

Founded in 2016 by Robert Falck, Linnéa Kornehed, and Filip Lilja, Einride offers two primary vehicle types: human-driven, connected electric heavy trucks and its innovative driverless Pods.

Currently, the electric trucks are primarily responsible for freight transportation for clients like Oatly, Coca-Cola, Lidl, and Electrolux. Einride asserts that utilizing its electric trucks results in a 94% reduction in emissions compared to traditional diesel-powered vehicles.

Furthermore, the company has developed a comprehensive digital platform for carriers, streamlining processes such as planning, scheduling, routing, invoicing, and billing.

The Einride Pod: A Focus on Autonomous Technology

Einride is widely recognized for its Einride Pod – formerly known as the T-Pod – a self-driving truck designed without a traditional cab and capable of remote operation.

The initial generation of the Pod has undergone testing on public roads in Sweden and was deployed in a pilot program with Oatly to transport freight. In October, the company introduced a new generation of pod freight vehicles, with shipments to customers anticipated to begin this year, contingent on the level of autonomy.

Expansion Plans and Workforce Growth

According to CEO Robert Falck, the newly acquired capital will be allocated to fulfilling existing customer commitments, expanding the company’s workforce from 100 to 200 by year-end, and broadening its operational footprint in Europe and the United States.

Einride intends to establish operations in the U.S. before the close of the year, with plans to locate a headquarters in Austin, Texas, alongside additional offices in New York and Silicon Valley. Falck indicated that agreements are already in place with global brands, including Oatly’s U.S. division, with further announcements forthcoming.

Autonomous Electric Transport (AET) Levels

While scaling its electric trucking operations with human drivers, Einride remains focused on the long-term deployment of fully autonomous Pods. The company utilizes an internal AET classification system, ranging from levels 1 to 5, to define the capabilities of its new Pods.

AET 1 Pods are designed for operation within closed facilities on predetermined routes, suitable for fully autonomous functionality. AET 2 Pods expand operational capabilities to include short-distance travel on public roads between destinations within closed facilities.

Pods at AET Level 3 are capable of operating on backroads and less congested main roads, with a maximum speed of 28 mph. Level 4 Pods will operate autonomously on freeways and major roads at speeds up to 52 mph. Einride anticipates shipping AET Levels 3 and 4 to customers in 2022 and 2023, respectively.