Einride secures $500 million in financing
Swedish freight mobility technology company Einride says it has secured USD 500 million in financing, including both a Series C equity raise and a debt facility.
The company states that the debt financing will provide "transformative funding" for Einride’s fleet of electric vehicles across the world. The Series C provides the next step in the funding of new developments and deployments across the company's autonomous and digital offerings, as well as expanding its offerings to new markets and clients.
“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,” says Robert Falck, Founder and CEO at Einride, in a press release. “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 USD 300 million in debt financing, which includes an initial facility rollout of USD 150 million starting in January 2023, signed with Barclays Europe, ensures long-term funding for Einride’s current and future electric, heavy-duty vehicle fleets.
In addition, Einride has initially secured USD 200 million in equity contribution led by a consortium of new investors as well as strong continued support from existing shareholders. Investors include leading Swedish pension fund AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VC and Temasek. The equity contribution includes a USD 90 million convertible note raised earlier this year.
In the past 12 months, the company has announced expansions into several European countries — Germany, Belgium, Netherlands, Luxembourg and Norway — as well as deployed operations for numerous new clients including Electrolux, GE Appliances, a Haier company, and Bridgestone. In October of 2022, Einride successfully completed a pilot on a US public road with its autonomous vehicle — the first company to receive approval to do so for a vehicle without a safety driver on board.