Autonomous freight developer Einride goes public via SPAC

Einride’s systems process over 5.2 million data points per second, enabling perception, object detection, and navigation across complex routes. | Source: Einride

Einride AB, a company developing electric and autonomous freight operations, said it will be going public via a special purpose acquisition company, or SPAC. Legato Merger Corp. III’s shareholders voted to approve the business combination earlier this month.

“At Einride, we are redesigning the way freight moves,” stated Roozbeh Charli, CEO of Einride. “We are building the world’s most efficient freight network, and going public gives us the platform to deploy our electric and autonomous technologies at the speed this market demands.”

Founded in 2016, Einride said it designs, develops, and deploys freight technology systems to accelerate the transition to future-proofed transportation. Its platform includes connected electric and autonomous heavy-duty vehicles, charging infrastructure, and an intelligent freight operating system.

Einride follows steps to autonomous freight

The Einride platform combines cableless autonomous fleets, software, and human-driven electric trucks to decarbonize, automate, and secure global supply chains. The Stockholm-based company‘s licensed teams continuously oversee autonomous operations via Saga, its AI-powered operating system.

When Einride sets out to deploy its autonomous vehicles, it starts by identifying high-volume, repetitive routes where autonomy can deliver the strongest utilization, cost efficiency, and operational stability. Then, the company said it evaluates infrastructure, site interfaces, traffic conditions, and regulatory pathways to create a deployment plan and timeline.

Next, Einride digitally models and stress-tests its routes before launch, which it claimed reduces risk and protects service levels from Day 1. It asserted that all of its vehicles operate under permit and integrate into live freight flows, with real-time oversight and defined response protocols.

Once the vehicles are deployed. Einride begins expanding operations across vehicles, lanes, and operating hours.

Einride currently counts more than 30 enterprise customers across seven countries. It brings in approximately $92 million in expected annual recurring revenue (ARR) from signed contracts. The company has also secured over $800 million in potential long-term ARR through joint business plans with blue-chip customers.

Company also raises money, is valued at $1.35B

Last year, Einride raised about $100 million in funding from a mix of existing and new investors. This news came a week after it announced that its electric, autonomous vehicle completed the company’s cross-border operation without a human driver onboard. The self-driving truck crossed the border between Norway and Sweden at Ørje, Norway.

This month’s SPAC transaction valued Einride at a pre-money equity value of $1.35 billion. Legato is a blank-check company organized to effect a merger, capital stock exchange, asset acquisition, or other similar business combination with one or more businesses or entities.

Once the transaction is completed, Einride’s ordinary shares and warrants will trade on the Nasdaq Global Market and Nasdaq Capital Market under the ticker symbols “ENRD” and “ENRDW,” respectively.

In addition, Einride raised $113 million through an oversubscribed private investment in public equity (PIPE) in connection with the transaction. New and existing investors, including Stockholm-based EQT Ventures and a global asset management company based on the U.S. West Coast, supported the PIPE financing.