Einride raises $500 million for its electric freight trucks

96
2
Einride raises $500 million for its electric freight trucks

Swedish electric and autonomous freight tech startup Einride raised $500 million in additional funding for its electric self-driving truck that has no room for a human driver. We covered Einride a year ago, after the startup made its debut in the US with its fleet of electric self-driving trucks without a driver cabin.

In a statement on Wednesday, Einride said it had agreed to raise capital of $500 million from debt, equity and the conversion of earlier loans, providing a path for the company's ability to go after new markets and customers. There were $300 million in debt facilities signed with Barclays Europe, while $200 million in equity came from new and existing investors, including EQT and Northzone, according to Einride.

The company raised a $110 million Series B round in May 2021, the latest round of funding follows a $110 million Series B round. Einride's other customers include Coca-Cola, Oatly, and Electrolux.

In 2016, Einride was the world's first company to operate an autonomous electric freight vehicle on a public road in 2019 by CEO Robert Falck, Filip Lilja and Linn a Kornehed. Einride's award-winning technology and products enable users to perform electrification and automation, order and track shipments, oversee routes and assignments, visualize data and gain insights.

Falck said that 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. With climate change becoming one of the major issues facing the world today, investors have poured billions of dollars into self-driving technology for the freight truck market. Einride is one of many startups that are developing technologies for transportation systems. Einride is taking logistics in a new direction with intelligent freight mobility solutions that are both autonomous and electric for shippers and carriers.

Einride thinks that leveraging autonomous technology in the freight transport industry could reduce CO2 emissions from diesel-powered trucks, as well as a lot of attention is given to passenger electric vehicles. Einride, founded in 2016 by Filip Lilja, Linnea Kornehed, and Robert Falck, makes autonomous and electric freight trucks for the transportation of goods, as well as provides a freight mobility platform.