Einride to go public in US via SPAC, valuing it at $1.8BN

Swedish autonomous truck startup Einride is to go public in the US via a SPAC, valuing it at $1.8bn.

Einride plans to go public on the New York Stock Exchange via a SPAC (Special Purpose Acquisition Company), a vehicle which is designed as an alternative route for companies to go public without the expense and hassle of going through a conventional IPO.

The SPAC merger, with Legato Merger Corp, will see Einride valued at $1.8 billion in pre-money equity, with the deal expected to be completed in the first half of 2026. Einride said the deal was expected to generate around $219 million in gross proceeds before accounting for potential redemptions of Legato’s public shares, transaction expenses and any further financing. 

Einride said it was also looking for up to $100m of private investment in public equity capital to speed up growth.

The announcement follows weeks after Einride raised around $100 million in funding from existing investor EQT Ventures and quantum firm IonQ.

Founded in Sweden in 2016, Einride has the bold ambition of disrupting the freight industry with electric and self-driving vehicles. It is developing and operating a new freight ecosystem, which includes one of the world’s largest fleets of heavy-duty electric trucks, cutting-edge autonomous technology and the proprietary Saga planning optimisation platform. 

The Swedish startup, which has also has a US headquarters in Texas, also raised $500m in 2022.

Roozbeh Charli, CEO of Einride, said: "Today marks a defining moment for Einride and for the future of freight technology.

“We’ve proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better.

"This transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers. The foundation is built, the demand is clear, and our focus is on execution and delivering the future of freight.”

Eric Rosenfeld, chief SPAC Officer of Legato, said: "This transaction with Einride aligns with our vision to bring industry-leading, innovative technology to the public markets.

"Einride's proven customer relationships, regulatory achievements, and technology platform position the Company to be a leader in the transformation of the freight industry.

"We believe that the market fundamentals are strong, the timing is right, and Einride has the operational excellence to capitalise on this massive shift in how goods move around the world."