"Einride said Wednesday it plans to go public via a merger with a special purpose acquisition company, just six weeks after the Swedish electric and autonomous truck startup raised $100 million from investors. The SPAC merger with Legato Merger Corp. values Einride at $1.8 billion in pre-money equity, according to the companies. The deal is expected to generate about $219 million in gross proceeds, a figure that doesn't take into account any redemption of Legato's public shares."
"Einride was founded in 2016 with an ambition to transform the freight industry, first with electric trucks, then with autonomous electric autonomous pods - vehicles that lack a steering wheel or pedals designed for self-driving. The company, which hired Roozbeh Charli as its new CEO earlier this year, has been trying to scale three business lines: electric big rigs, autonomous pod-like trucks that navigate fixed routes, and planning software designed for shippers."
"It operates a fleet of 200 heavy-duty electric trucks in Europe, North America, and the UAE, for companies like Heineken, PepsiCo, Carlsberg Sweden, and DP World. The company has made some inroads with its autonomous pod-like trucks with customers including Apotea in Sweden and GE Appliances in the United States. Einride, which also has a U.S. headquarters in Austin, Texas, revealed in its announcement that it has a current annual recurring revenue (ARR) run rate of about $45 million."
Einride will merge with Legato Merger Corp. in a SPAC transaction valuing the company at $1.8 billion pre-money and aiming to generate roughly $219 million in gross proceeds plus up to $100 million in PIPE capital. The merger targets a first-half-2026 close and a New York Stock Exchange listing. Founded in 2016, Einride produces electric heavy-duty trucks and autonomous pod-like vehicles and develops planning software. The company operates about 200 electric trucks across Europe, North America, and the UAE, serves major shippers, maintains a U.S. headquarters in Austin, and reports an ARR run rate near $45 million and contracted ARR of $65 million.
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