Funding News: Einride Raises $500 Million to Finance E-Truck Business
Einride now has the money to develop its autonomous electric freight mobility ecosystem as well as expand its reach to target new markets and clients.
A new challenger enters the autonomous truck race © Credit to Einride
This might be the first time you’re hearing of Einride, a Swedish freight technology company looking to develop/produce autonomous trucks.
If it is, you’re learning about them at just the right time as they’ve just secured $500 million financing that is bound to help bring its updated self-driving e truck to market.
The financing, which includes a debt facility of $300 million and a Series C equity contribution of $200 million, is said to be the “largest asset-backed facility in heavy-duty electric transport to date.”
The debt facility was led by Barclays Europe, while the equity funding round included investors such as AMF, EQT Ventures, Northzone, Polar Structure, Norrsken VCm and Temasek, to name but a few.
The money is said to go into funding new developments for the Swedish company, which includes help to expand its offerings to new markets and clients.
Einride has already announced expansion plans including countries like Germany, Belgium, the Netherlands, and Norway. The funding they’ve just received will no doubt assist them with this.
Here’s what Robert Falck, Founder and CEO of Einride had to say about the investment:
“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.”
Earlier this year, Einride successfully completed a pilot on a US public road with its autonomous vehicle.
This is quite the achievement as it means Einride is the first company to receive approval to do so for a vehicle without a safety driver on board (we’ve embedded a video below if you want to learn more)!
Last month, they also unveiled the second iteration of its self-driving truck prototype, the Gen 2 Rigid Large, which is in many ways an improvement on the Gen 1 pod.
Both generations can be controlled remotely by a human operator using a joystick and other controls.
We wish nothing but the best to Einride and its expansion plans. What do you make of the vehicle shown in the thumbnail? We’d love to hear your thoughts.