Einride SPAC: Self-Driving Truck Startup to Go Public

Einride Announces Plans for Public Listing via SPAC Merger

Einride, a Swedish developer of electric and autonomous trucks, revealed on Wednesday its intention to become a publicly traded company through a merger with a special purpose acquisition company (SPAC).

This announcement follows closely on the heels of a $100 million investment the company secured just six weeks prior.

Merger Details and Financial Projections

The merger agreement, established with Legato Merger Corp., assigns Einride a pre-money equity valuation of $1.8 billion, as stated by both organizations involved.

Approximately $219 million in gross proceeds are anticipated from the transaction, excluding potential redemptions of Legato’s existing public shares.

Furthermore, Einride is actively seeking up to $100 million in private investment through a public equity (PIPE) offering.

Timeline and Market Debut

The completion of the merger is currently projected for the first half of 2026.

Upon successful completion, Einride is slated to begin trading on the New York Stock Exchange.

Company Overview and Business Focus

Founded in 2016, Einride’s core mission is to revolutionize the freight transportation sector.

Initially focusing on electric trucks, the company has expanded its scope to include autonomous electric pods – vehicles engineered for fully self-driving operation, lacking traditional steering controls.

Under the leadership of recently appointed CEO Roozbeh Charli, Einride is concentrating on scaling three key business areas:

• Electric heavy-duty trucks
• Autonomous, pod-based trucks for designated routes
• Software solutions for optimizing shipping logistics

Operational Expansion and Customer Base

Einride has demonstrated success in extending its operations beyond its home country of Sweden.

Currently, the company manages a fleet of 200 heavy-duty electric trucks across Europe, North America, and the United Arab Emirates.

Notable clients include prominent companies such as Heineken, PepsiCo, Carlsberg Sweden, and DP World.

Its autonomous pod technology has also gained traction, with customers like Apotea in Sweden and GE Appliances in the United States.

Financial Performance and Funding History

Einride, which maintains a U.S. headquarters in Austin, Texas, reports a current annual recurring revenue (ARR) run rate of approximately $45 million.

The company also boasts a total contracted ARR base of $65 million derived from existing customer agreements.

The $100 million funding round announced in October was intended to support scaling operations and accelerate the deployment of its autonomous freight technology, according to Charli.

Prior to this, Einride secured $500 million in funding during a 2022 Series C round, comprising $200 million in equity and $300 million in debt.

Equity investors included Northzone, EQT Ventures, Temasek, AMF, Polar Structure, and Norrsken VC, while Barclays Europe led the debt financing.

The October funding round included participation from existing investor EQT Ventures and IonQ, a quantum computing firm.

Trend of SPAC Mergers in the Autonomous Vehicle Sector

Einride is joining a growing number of autonomous vehicle companies utilizing SPAC mergers to access public capital markets.

Aurora, a company operating self-driving trucks with safety drivers, went public through a SPAC merger in 2021, achieving a valuation of $13 billion.

Kodiak AI, another self-driving truck startup, also pursued a SPAC merger earlier in the year.