Autonomous and EV freight technology company Einride announced its future has been hardened by $500 million in financing. The mobility company intends to use the fresh funds that also includes a Series C equity raise to support all-electric truck production and expand the development of its autonomous and digital fleet management technology.
Einride is a Swedish freight technology company founded in 2016 that develops electrified commercial trucks and fully autonomous Class 8 trucks in addition to the fleet software to manage them. Its fully autonomous “Pod” EVs have been begun to navigate US roads under the watch of Remote Pod Operators as part of an expanding presence around the world.
The company announced entry into the US market a year ago, and continues to expand the capabilities of its autonomous and commercial electric truck operations to other territories like Belgium, the Netherlands, Luxembourg, Norway, and Germany, for instance.
Last June, the Einride also received NHSTA approval to operate the autonomous Pod trucks on public US roads as part of a pilot program with GE appliances. As Einride’s global reach expands through 2023, it announced its wallet has been bolstered by a fresh round of financing totaling half a billion dollars.
Einride to expand global presence of EVs with new funds
The company shared details of its latest financing in a press release today, which breaks down into $300 million from a debt facility, and an additional $200 million equity contribution. The debt financing is led by Barclays Europe and marks the largest asset-backed facility in heavy-duty transport ever.
The $200M Series C equity raise was led by a mix of new and existing investors and includes a $90 million convertible note raised earlier this year. Einride states this raise provides the funding for new developments and deployments of its freight EVs, including autonomous and digital technologies. Einride founder and CEO Robert Falck spoke:
The time is now to act on not only developing but accelerating the implementation of technology that will create a cleaner, safer and more efficient way to move goods. We’ve created the Einride ecosystem to provide the most resilient and future-proof approach to electrifying freight today. With the support from our investors and shared belief in this mission, we’ll continue to drive disruptive change to global freight at scale.
The debt financing includes an initial facility roll out of $150 million beginning next month, further ensuring Einride’s long-term strategy to deliver heavy-duty EV fleets across the US, Europe, and “other future planned expansions.”
We are sure to learn more in 2023 and Einride continues to expand its lineup of autonomous freight EVs.
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