Venture Capital: Swedish Electric Self-Driving Truck Start-up Einride Lands $500M
The Einride funding comprised debt, equity and the conversion of earlier loans.
Einride, the Swedish electric self-driving truck start-up, announced a raise of $500 million comprising an equity-based $200 million Series C portion from investors including Northzone, EQT Ventures, Temasek, Swedish pension fund AMF, Polar Structure and Norrsken VC. A debt funding of $300 million was led by Barclays Europe. (Einride)
The new equity funding will sustain growth of Einride’s fleet of electric vehicles across the world, and their development and deployment to new markets and clients.
The debt funding ensures long term funding for Einride’s current and future electric, heavy-duty vehicle fleets.
“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,” said Robert Falck, Founder and CEO at Einride. “We’ve created the Einride ecosystem to provide the most resilient and future-proof approach to electrifying freight today.
“This landmark debt facility represents a key milestone in the financing of heavy-duty electric vehicles,” said Gordon Beck, Director of Securitized Products Solutions at Barclays. “The innovative asset-backed structure complements Einride’s unique ecosystem offering and is a continued demonstration of how Barclays is using our financial and capital markets expertise to support clients in driving the transition to net-zero”.
Einride is developing an ‘ecosystem’ to power freight mobility grids. It includes the intelligent platform Einride Saga, electric and autonomous trucking fleets, charging infrastructure and connectivity networks.
In October, 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.
In 2019 it became the first company in the world to operate heavy-duty autonomous vehicles on public roads.
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