Post by : Badri Ariffin

Swedish innovator in electric and autonomous transportation, Einride, is poised for a public listing as it enters into a merger with Legato Merger Corp. This announcement follows a successful $100 million investment round that took place just six weeks earlier. The merger places Einride’s pre-money valuation at $1.8 billion, with expected gross proceeds of approximately $219 million, excluding any potential share redemptions from Legato. Additionally, Einride is looking to secure an extra $100 million through private investments in public equity (PIPE).

Since its establishment in 2016, Einride has aimed to revolutionize the freight sector through its commitment to electric trucks and autonomous, pod-like vehicles that function without traditional steering mechanisms or pedals. The company has expanded its reach from Sweden to operate a fleet of 200 electric trucks in Europe, North America, and the UAE. Among its key partnerships are notable brands such as Heineken, PepsiCo, Carlsberg Sweden, and DP World. Its autonomous pods have found early adopters in companies like Apotea in Sweden and GE Appliances in the U.S.

This year, Einride appointed Roozbeh Charli as CEO to spearhead the next stage of growth. Since his appointment, the startup has posted an annual recurring revenue (ARR) run rate of about $45 million, with overall contracted ARR totaling $65 million from secured agreements. The recent $100 million funding round aims to further fleet expansion and enhance autonomous technologies, with continued backing from investors like EQT Ventures and IonQ.

In 2022, the company raised $500 million through both equity and debt to propel fleet development and technological advancement. The anticipated closing of its SPAC merger in the first half of 2026 will see Einride listed on the New York Stock Exchange, placing it among a rising wave of autonomous vehicle startups utilizing SPAC mergers for swift entry into public markets.

As the sector for electric and autonomous transportation accumulates momentum, Einride's public offering could represent a transformative shift for sustainable logistics globally, underscoring the growing need for eco-friendly and efficient transport solutions.

#Tech News